The EUR/USD
finally breaks below the 1.1800 level and below the 55 day EMA as it
accelerates its bearish trend. On the daily chart we can see that the EUR/USD
may continue falling, but the 1.1700 level may act as support. In order for the
trend to change to the downside, the EUR/USD must break below the 1.1500 level
or below the 200 day EMA at the 1.1400 level. Any of the round number levels to
the 1.1400 level may act as support. For now, the 1.1700 level is its most
relevant support since it has already acted as support in the recent past.
Above the 1.1800 level there is a wide congestion area all the way to the
1.2100 level. The 1.1900, the 1.2000 or the 1.2100 levels could act as
resistance. For the EUR/USD to keeps its bullish trend, the price must break
above the 1.2100 level.
Looks like it will keep pushing lower.
ReplyDeleteHelpful post.
ReplyDeleteI'll watch those levels, thank you.
ReplyDeleteLet's see how deep the correction will be.
ReplyDeleteGreat take on markets!
ReplyDeleteThe outlook remains bearish.
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteThe pair is consolidating below 1.18.
ReplyDelete