Euro can reach resistance level and then make downward impulse
Hello traders, I want share with you my opinion about Euro. Looking at the chart, we can see how the price a few moments ago rebounded from the resistance level and little declined, but soon it turned around and made a strong impulse up to 1.0940 points, thereby breaking the resistance level, which coincided with the seller zone. After this movement, the Euro started to decline in a downward channel, where it broke this level one more time and later declined to support the line of channels. Then price rebounded and rose to the resistance line of the channel, after which turned around and continued to move down in the channel to the support level, which coincided with the support area. When the price reached this level, the EUR broke it and declined even lower support area, but when it reached the support line, the price turned around and started to grow, exiting from the downward channel. Soon, the price broke the 1.0770 support level and rose to the seller zone, but at once turned around and fell to the support line back, making a fake breakout. Also recently, the Euro rebounded from this line and started to rise. In my opinion, the EUR can reach a resistance level and then rebound down the lower support line, thereby breaking it and after this, the price will continue to fall. For this reason, I set my target at 1.0800 points. Please share this idea with your friends and click Boost 🚀
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.