Forex4you - Analytics

    Forex4you

    552.50 6.50/10
    60% of positive reviews
    Real

    EUR/USD: bouncing on support – down-trend set to resume

       
    The pair was falling in line with the very short-term trend. It then found support at the 1.1047 historic support and resistance level and has bounced. It has since found resistance at the 61.8% Fibonacci line of the previous rally and is currently consolidating at that level.

    Whilst there is a possibility this correction still has a little higher to go – perhaps to 1.1100 – the short-term trend remains on balance bearish and is expected to extend lower.

    For confirmation of more down-side, however, I would ideally want to see a clear break below the 1.1047 level, including a 20-point margin, so below the 1.1027 level. This would probably lead to a continuation lower to 1.0954.
    EURUSD02

       
    The pair was falling in line with the very short-term trend. It then found support at the 1.1047 historic support and resistance level and has bounced. It has since found resistance at the 61.8% Fibonacci line of the previous rally and is currently consolidating at that level.

    Whilst there is a possibility this correction still has a little higher to go – perhaps to 1.1100 – the short-term trend remains on balance bearish and is expected to extend lower.

    For confirmation of more down-side, however, I would ideally want to see a clear break below the 1.1047 level, including a 20-point margin, so below the 1.1027 level. This would probably lead to a continuation lower to 1.0954.
    EURUSD02


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree