FX.co ★ Double bottom at 1.0367-1.0360.

Double bottom at 1.0367-1.0360.

Double bottom at 1.0367-1.0360.

Blue rectangle- resistance

Green lines- support

EURUSD is trading around 1.0427 after making a lower low at 1.0367. EURUSD remains vulnerable to more downside as price continues making lower lows and lower highs. Resistance remains key at 1.06-1.0620 and as long as we trade below this level, we expect trend to remain bearish. Price is bouncing off the horizontal support shown in the chart above with the green horizontal lines. Failure to stay above 1.0360 will be a bearish sign and will most probably lead EURUSD below 1.03. Short-term RSI bullish divergence justifies a bounce at the beginning of next week towards 1.05.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account