EURUSD → The calm before the storm. Breakthrough ↑ or ↓

RLinda Updated   
FX:EURUSD   Euro / U.S. Dollar
EURUSD continues to form a downtrend. At the moment we see a rebound from resistance and a retest of support at 1.06350, which ends with a slight strengthening of the currency pair

EURUSD is waiting for a reaction from the US market, namely we are all watching the dollar index. It forms a retest of the strong resistance at 105.00 and forms a rather strong consolidation. If the price breaks the resistance, a very strong bullish impulse will be formed, which will affect the whole forex market. But there is a small chance that the 105.0 area will not let the price in and a correction will form, in which case EURUSD may break the trend resistance and form a shakeout to 1.0835. In priority, I expect a retest of 1.06350 followed by a breakout and a decline to 1.05000

Support levels: 1.06350
Resistance levels: 1.0685, 1.0765

The currency pair may break the line on the next support retest. We should be ready for the resistance breakout as well. Watch the reaction of DXY to the mentioned resistance area.

Regards R. Linda!



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