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06.02.2023 09:30 PM
EUR/USD heading towards 1.0500

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EUR/USD New Downtrend!

The EUR/USD pair dropped below the uptrend line and below the 1.0771 former low which represented downside obstacles, signaling that the upward movement ended and that we may have a new downside movement.

Personally, I've drawn a downtrend line which is seen as an upside obstacle. As long as the price stays below it, the EUR/USD pair is expected to approach and reach new lows.

EUR/USD Trading Conclusion!

Dropping below the uptrend line and through 1.0771 was seen as a selling opportunity. As long as the instrument stays under the minor downtrend line, the rate could approach and reach the 1.0500 psychological level (former low).

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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