EURUSD - Retest of resistance
Updated
Below you'll find an analysis on EURUSD H4 chart.
Price on H4 broke the upsloping trendline to the downside. After a retest of the trendline price continued to move lower. Subsequently, price broke through support, found support on 38.2 fib level and is now testing resistance (former support). If price is not able to break through to the upside, more downside potential will follow. Next supports are the 38.2 and 50 fib level and the support at 1.1735. 1.1735 is also the target for the short position.
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Happy trading!
Price on H4 broke the upsloping trendline to the downside. After a retest of the trendline price continued to move lower. Subsequently, price broke through support, found support on 38.2 fib level and is now testing resistance (former support). If price is not able to break through to the upside, more downside potential will follow. Next supports are the 38.2 and 50 fib level and the support at 1.1735. 1.1735 is also the target for the short position.
If you have any questions or comments, feel free to post!
Happy trading!
Comment
Target Reached!Comment
Now NFP next, Price at support, let's see what it brings usDisclaimer
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