EUR/USD is trading below support in the preopening hours of the European session. The pair is now 1.0522 as it went below the support at 1.0540 yesterday. Euro bulls now have the task to bring the price up from current level which also happens to be a non-validated double bottom on the short-term. If they succeed, then price should be back in the uptrend channel sooner than later.
On the other hand, market participants are taking into consideration the upcoming FOMC minutes later today and that could have a drastic impact on the market, more specifically, the EUR/USD pair.
Until then, market could continue to gravitate towards current levels. Major support rests at 1.0440, while major resistance is located at 1.0720.
Chart: EUR/USD H4
Big drop on EUR/USD.
ReplyDeleteNext support zone at 1.050/049.
ReplyDeleteI think it will keep falling for the time being.
ReplyDeleteI completely agree with your analysis.
ReplyDeleteGood analysis!
ReplyDeleteThe Euro may drop lower.
ReplyDeleteThank you for the useful info.
ReplyDeleteThere is space for further decline
ReplyDeleteExcellent information to keep in mind.
ReplyDelete