EUR/USD has been trading downwards today. The price tested the level of 1.1268. We found the breakout of the important support trend lines in the background, which is sign that we may see further lower price on EUR.
Yellow line 1 - horizontal support 1 (1.1210)
Yellow line 2- horizontal support 2 (1.1120)
White line – Broken support trendline
Blue lines – Broken upward channel in the background
There are breaks today of the important support trendlines in the background, which is for us sign that selling looks good. Most recently, we found the breakout of the intraday bear flag on the H1 time-frame, which is good confirmation that sellers are in control on the EUR/USD.The MACD oscillator is showin us continuation of the downward momentum and you should watch for selling opportunities with the targets at 1.1210 and 1.1120. Key short-term resistance is set at the price of 1.1302.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.