The EURUSD: the uptrend has turned down
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 180 pips | Max. 1.1270
Min. 1.0965 |
Two-day decline of the Euro against the US dollar was followed by the breakouts of three support levels at: 1.1375, 1.1270, 1.1145. The breakouts occurred at high volume.
Besides the supports the price also broke the ascending trend line at 1.1310 and the lower border of the ascending channel at 1.1200. Looks like bears are planning to continue their medium-term downtrend.
FOMC meeting minutes will be released at 21.00 today. During the publication of this high impact news the price is expected to approach the intraday support at 1.0965.
Alternative scenario: correction up in the range of 1.1270 resistance is probable.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!
The EURUSD: the uptrend has turned down
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 180 pips | Max. 1.1270
Min. 1.0965 |
Two-day decline of the Euro against the US dollar was followed by the breakouts of three support levels at: 1.1375, 1.1270, 1.1145. The breakouts occurred at high volume.
Besides the supports the price also broke the ascending trend line at 1.1310 and the lower border of the ascending channel at 1.1200. Looks like bears are planning to continue their medium-term downtrend.
FOMC meeting minutes will be released at 21.00 today. During the publication of this high impact news the price is expected to approach the intraday support at 1.0965.
Alternative scenario: correction up in the range of 1.1270 resistance is probable.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!