projecting a short bias for EURUSD. expecting price to hit 1.0800 level. However, trendline has been broken, moving averages are diverging and facing the downside, and downward momentum is looking strong after price closed below the 1.1180 level. Market is currently retesting broken support (now turned resistance).
However, watch out for major Daily trendline as support from price reaching projected level.
Comments
KVE
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Good job, we'll first have to break down and close below (daily + weekly candle for me) this upward channel we're in. If we do, the retracement from that 1.080 support level could be the ideal entry to ride the further move down! Next stop the long-term up channel boundary and maybe parity...!