EUR/USD Is Likely To Continue On Its Way Down
EUR/USD, being as oversold as it was, seemingly
ended its descent yesterday – or at least did so temporarily – and rose to test
the resistance level at 1.3200. It broke through that resistance level and
reached 1.3220, which turned into a new resistance level that proved to be
harder to break through. The question is whether at the moment EUR/USD is
falling in order to form a double bottom – a clear indication that it might
start rising again – or it will continue on its way down to 1.3100. Personally,
I will not start selling again until I see it break through the support level
at 1.3150
Excellent analysis,
ReplyDeleteI completely agree with you!
The downtrend is intact.
ReplyDeleteThe EURUSD rose during the course of last day session, testing the 1.32 level. Being an area of significant resistance, the gap lower that happened at the beginning of the week is still in effect and it should act as resistance, it should offer nice selling opportunities.
ReplyDeletethere are no signs of a correction anymore
ReplyDeleteVery likely.
ReplyDelete