After two
months of sideways consolidation and testing the support at 1.1100 EUR/USD
finally broke below that level after forming a spinning top candlestick and a
hanging man candlestick on the weekly time-frame. The pair will likely continue
moving to the downside towards the next support level at 1.1000 or even towards
1.0950, which can also be seen on the same time-frame. That said, we should
keep in mind that the long-term sideways consolidation that began back in March
2015 is still very much valid and that once EUR/USD reaches the support at
1.0950 it is quite likely to bounce off that level.
There is still room for further decline.
ReplyDeleteIt's very bearish for the moment.
ReplyDeleteLooks like consolidating.
ReplyDeleteI'm keeping close eye on this pair.
ReplyDelete