The EURUSD: upside correction has turned down
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 125 pips | Max. 1.1115
Min. 1.0900 |
The Euro consolidated for four days, but failed to hold above strong resistance of 1.1115. Short-term consolidation was followed by the drop more than 200 pips down.
The breakout of the 1.1115 barrier as support and the lower border of the ascending channel at 1.1050 is a good signal in favor of continuation of the medium-term bearish trend.
Level 1.1000 is now acting as support. Its breakout will open the way down to the last week’s low at 1.0915.
Alternative scenario: correction up into the range of 1.1115 resistance.
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: upside correction has turned down
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 125 pips | Max. 1.1115
Min. 1.0900 |
The Euro consolidated for four days, but failed to hold above strong resistance of 1.1115. Short-term consolidation was followed by the drop more than 200 pips down.
The breakout of the 1.1115 barrier as support and the lower border of the ascending channel at 1.1050 is a good signal in favor of continuation of the medium-term bearish trend.
Level 1.1000 is now acting as support. Its breakout will open the way down to the last week’s low at 1.0915.
Alternative scenario: correction up into the range of 1.1115 resistance.
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!