The EURUSD: is about to correct up
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 150 pips | Max. 1.1090
Min. 1.0820 |
Short-term consolidation at 1.0820 support was followed by the rebound up. The rebound occurred at low volumes, but still allowed the bulls to break and hold above 1.0920 resistance.
The breakout of 1.0920 mark suggests the upcoming correction up. Potential targets are situated at 1.1000 resistance and descending trend line of 1.1090.
If price approaches the descending trend line at 1.1090, we’ll be expecting consolidation, followed by the rebound down.
Alternative scenario: the breakout of 1.0920 support will open the way towards 1.0870, 1.0820.
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 about to correct up
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 150 pips | Max. 1.1090
Min. 1.0820 |
Short-term consolidation at 1.0820 support was followed by the rebound up. The rebound occurred at low volumes, but still allowed the bulls to break and hold above 1.0920 resistance.
The breakout of 1.0920 mark suggests the upcoming correction up. Potential targets are situated at 1.1000 resistance and descending trend line of 1.1090.
If price approaches the descending trend line at 1.1090, we’ll be expecting consolidation, followed by the rebound down.
Alternative scenario: the breakout of 1.0920 support will open the way towards 1.0870, 1.0820.
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!