Long

EURUSD → A retest of support will show further potential

Updated

is forming a correction phase, within which it aims to test the support of the forming range. There are key nuances that suggest a further bullish trend, but there are also those that hint at a possible medium-term decline.

The market is laying further weakness amid interest rate cuts from the Fed.
EURUSD is currently in correction on the background of bullish trend. Key support area: 1.0840-1.0830. The market is likely to test this area in the format of a false breakdown, as there is a strong support zone in this area. Consolidation above this area will give a potential for buying. It is also worth paying attention to the fact that below the support is MA-200, which can also favorably affect the market recovery.

But, on D1 the market is not reacting to the previously formed false support breakout. If the price continues to form a squeeze to the support at 1.0844 - 1.0830, we should expect a breakout attempt with a phase of further decline to 1.08 - 1.07.

Support levels: 1.0844, 1.0830, 1.0777
Resistance levels: 1.08875, 1.0965

A retest of the support area will show further potential. False breakout will give the opportunity to buy, and the breakout and consolidation of the price below the area will return the price to the channel.

Regards R. Linda!

Note

If the currency pair consolidates below the level of 1.08441, it will open a new bearish corridor.
The price may continue to fall.
Target 1.072, 1.066.

RLinda

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