EURUSD Forecast
Updated
EURUSD is still well and truly bearish after negative ECB news, causing a breakout through the support (now turned Resistance) level.
Price is currently trying to break even lower from the local trendline [requires confirmation], which would see EURUSD head towards the bottom of the long-term Major Trendline. From there we expect a bounce back towards Resistance before falling towards Major Support at Potential Reversal Zone 2.
Trading Ideas:
Short EURUSD
Trade trendline breakout [upon confirmation of breakout]
Price is currently trying to break even lower from the local trendline [requires confirmation], which would see EURUSD head towards the bottom of the long-term Major Trendline. From there we expect a bounce back towards Resistance before falling towards Major Support at Potential Reversal Zone 2.
Trading Ideas:
Short EURUSD
Trade trendline breakout [upon confirmation of breakout]
Trade closed: target reached
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