EUR/USD traded on Friday, after hitting resistance on Thursday slightly above the downside resistance line taken from the high of February 10th. The slide found support near the round number of 1.1000, and then, the rate moved sideways but stayed below the downside mentioned above the line.
It looks like the traders are ready for another round of selling if the psychological barrier of 1.1000 will be breakthrough and formed clear dip below it. This may initially encourage the bears to push towards the 1.0902 barriers or the 1.0806. If neither barrier can stop the slide, then a lower break could pave the way towards the strong support level around 1.0700.
On the upside, if we see a strong break above 1.1141 before the bulls start examining whether the outlook has turned overly positive. This could confirm the break above the downside resistance line drawn from the peak of February 10th, and may see scope for advances towards the 1.1247 zone. Slightly higher lies the 1.1400 zone, which acted as a strong resistance but if it doesn’t stop the price it might move up to the 1.1484 which is strong resistance confirmed several times.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.
It looks like the traders are ready for another round of selling if the psychological barrier of 1.1000 will be breakthrough and formed clear dip below it. This may initially encourage the bears to push towards the 1.0902 barriers or the 1.0806. If neither barrier can stop the slide, then a lower break could pave the way towards the strong support level around 1.0700.
On the upside, if we see a strong break above 1.1141 before the bulls start examining whether the outlook has turned overly positive. This could confirm the break above the downside resistance line drawn from the peak of February 10th, and may see scope for advances towards the 1.1247 zone. Slightly higher lies the 1.1400 zone, which acted as a strong resistance but if it doesn’t stop the price it might move up to the 1.1484 which is strong resistance confirmed several times.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.