EURUSD: Will fall to 1.07600 then recover
EUR/USD fell again on Wednesday, after mounting a bullish burst in the previous trading session. However, the Euro currently maintains a positive outlook against the US dollar as it continuously creates a series of higher highs and lows and is still trading above important MA lines.
To maintain the uptrend, the pair needs to hold above the 200 and 100-day SMA, around 1.0765. If this support holds, it opens up the potential for a rally to 1.0900, beyond that to Fibonacci resistance at 1.0960 and 1.1075.
In case, the sellers return and push the price below the 1.0765 area, EUR/USD will change to a downtrend in the short term. In the above case, support will be at 1.0650, if the price continues to weaken then support at the 1.0570 trend line will come into view.
EUR continues to fall today then will bounce back and increase sharply to reach a new peak in the future.
To maintain the uptrend, the pair needs to hold above the 200 and 100-day SMA, around 1.0765. If this support holds, it opens up the potential for a rally to 1.0900, beyond that to Fibonacci resistance at 1.0960 and 1.1075.
In case, the sellers return and push the price below the 1.0765 area, EUR/USD will change to a downtrend in the short term. In the above case, support will be at 1.0650, if the price continues to weaken then support at the 1.0570 trend line will come into view.
EUR continues to fall today then will bounce back and increase sharply to reach a new peak in the future.
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