The EURUSD is correcting into the range of 1.1135 resistance for the second time
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.1215
Min. 1.0975 |
Bulls managed to break above the descending trend line of 1.1085 yesterday. The breakout occurred at low volumes and the price failed to hold above the mark.
The price is currently breaking the descending trend line at low volumes again. The bulls are probably planning to test 1.1135 resistance again.
If the test of the level occurs on the back of low volatility, we’ll be expecting the rebound down and continuation of the downtrend. Potential decline targets will be situated at 1.1030, 1.0975.
Alternative scenario: the breakout of 1.1135 resistance will open the way to the upper border of the descending channel at 1.1215 (green circle).
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 is correcting into the range of 1.1135 resistance for the second time
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.1215
Min. 1.0975 |
Bulls managed to break above the descending trend line of 1.1085 yesterday. The breakout occurred at low volumes and the price failed to hold above the mark.
The price is currently breaking the descending trend line at low volumes again. The bulls are probably planning to test 1.1135 resistance again.
If the test of the level occurs on the back of low volatility, we’ll be expecting the rebound down and continuation of the downtrend. Potential decline targets will be situated at 1.1030, 1.0975.
Alternative scenario: the breakout of 1.1135 resistance will open the way to the upper border of the descending channel at 1.1215 (green circle).
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!