Euro / U.S. DollarShort
EURUSD has broken major support, potential for a drop
EURUSD has broken our major ascending support line and we can also see that it is below our ichimoku cloud. These are usually very bearish signs. We can also see that our long term ascending support line on RSI was broken which is also a strong precursor to a change in momentum from bullish to bearish.
We do feel that there's major support at 1.2230 which has multiple fibonacci retracement and extension levels along with a major swing low support. Only a break of that level could trigger a bigger move down on EURUSD to next major support.
We do feel that there's major support at 1.2230 which has multiple fibonacci retracement and extension levels along with a major swing low support. Only a break of that level could trigger a bigger move down on EURUSD to next major support.
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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.