Attached is the 1H chart for EURUSD. For most part of the day yesterday, this pair was ranging but it was clear that it had a bearish bias. Finally, during the US session, this pair broke down and also broke through an important support at around 1.38. This price area had been serving as a very strong support for quite some weeks now.
The fact that this support area has been broken leads us to the premise that more downside is possible in this pair. For today, i expect a slight retrace back to 1.38 and then for the fall to continue.
For the downside, the supports are at 1.3745 and then at 1.3672. A break of this support would lead the price to go down to 1.3430.
On the upside, the resistances are at 1.38 and then at 1.3850. For today, i expect more movement downward and i do not expect 1.3850 to be broken.
No comments:
Post a Comment