EURUSD: Small Pull Back Expected before GO 1.1520$ Support.
Updated
Technical Market Outlook:
The EUR/USD pair has been making lower lows and lower highs since the breakout below the level of 1.1730. The recent low was made at the level of 1.1612 and it looks like a temporary low only. Due to the oversold market conditions, traders should expect a bounce towards the level of 1.1655, but any rally should be capped below the level of 1.1696 to 1.1730 anyway. Bears are in control of the market and more lower lows should be seen soon. The next target for bears is seen at the level of 1.1569 - 1.1569 zone. The weekly time frame trend remains up before another lower expecting go Resistance 1.1730 and if the dollar gets weak we could see another higher high resistance 2 $1.1845 and 1.1945,( Below Long term trend line)
The euro-dollar pair began the trading week almost at the level of Friday's closing price. After a small, rather symbolic, weakening of the greenback during the Asian session, the EUR / USD bears seized the initiative again and the pair started to slide down to the base of the correction is market. Sellers need to overcome the support level of 1.1600 to develop a downward trend. Meanwhile, the buyers have a much more difficult task to accomplish: iF resistance breaks out again 1.1730 marks we could see another attempt 1.2000 but depend on $ weakness.
Next 5 weeks expecting HIGH OR increased volatility for the pairs against $ Due to USA ELECTION.
Weekly Pivot Points:
WR3 - 1.935
WR2 - 1.1845
WR1 - 1.1730
Weekly Pivot - 1.1683
WS1 - 1.1580
WS2 - 1.1520
WS3 - 1.1480
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The EUR/USD pair has been making lower lows and lower highs since the breakout below the level of 1.1730. The recent low was made at the level of 1.1612 and it looks like a temporary low only. Due to the oversold market conditions, traders should expect a bounce towards the level of 1.1655, but any rally should be capped below the level of 1.1696 to 1.1730 anyway. Bears are in control of the market and more lower lows should be seen soon. The next target for bears is seen at the level of 1.1569 - 1.1569 zone. The weekly time frame trend remains up before another lower expecting go Resistance 1.1730 and if the dollar gets weak we could see another higher high resistance 2 $1.1845 and 1.1945,( Below Long term trend line)
The euro-dollar pair began the trading week almost at the level of Friday's closing price. After a small, rather symbolic, weakening of the greenback during the Asian session, the EUR / USD bears seized the initiative again and the pair started to slide down to the base of the correction is market. Sellers need to overcome the support level of 1.1600 to develop a downward trend. Meanwhile, the buyers have a much more difficult task to accomplish: iF resistance breaks out again 1.1730 marks we could see another attempt 1.2000 but depend on $ weakness.
Next 5 weeks expecting HIGH OR increased volatility for the pairs against $ Due to USA ELECTION.
Weekly Pivot Points:
WR3 - 1.935
WR2 - 1.1845
WR1 - 1.1730
Weekly Pivot - 1.1683
WS1 - 1.1580
WS2 - 1.1520
WS3 - 1.1480
👍 Before we start, please support this idea with your likes and comments, it is the best way to keep it relevant and support me.
Note
we hit resistance target
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