EURUSD: Bias=Bearish, Key resistance=1.004, Target=0.97
There are many reasons that suggest EURUSD bearish sentiment is likely to continue for the next couple of weeks:
1- Long-term bearish pattern points to an area between 0.97/0.95
2- There is a well-defined bearish channel
3- No evidence of capitulation
4- Key level of 0.97 is not yet touched off
5- EURUSD rate still trades below 1.008/1.013 zone
Resistances are 0.999, 1.004 and 1.008. Key supports are seen around 0.986, 0.97, 0.962 and 0.942
1- Long-term bearish pattern points to an area between 0.97/0.95
2- There is a well-defined bearish channel
3- No evidence of capitulation
4- Key level of 0.97 is not yet touched off
5- EURUSD rate still trades below 1.008/1.013 zone
Resistances are 0.999, 1.004 and 1.008. Key supports are seen around 0.986, 0.97, 0.962 and 0.942