EUR/USD faces strong support around 1.08900, targets 1.10850

FX:EURUSD   Euro / U.S. Dollar
725 1 6
EUR/USD             has made a high of 1.1113 on Friday and declined from that level. It is currently trading well below 100 and 200 day HMA .

Any break above that level 1.100 will confirm short term bullishness, a jump till 1.1035/1.1085/1.1100 cannot be ruled out .

On the downside it is facing trend line support at 1.09150 ( trend line joining 1.0825 and 1.08925) and break below confirms intraday weakness a decline till 1.08900/108500 is possible.

The minor support is around 1.09425

Intraday trend reversal only below 1.08900.

It is good to buy at dips around 1.09525 with SL around 1.08900 for TP of 1.1035/1.1085
nice Analysis: here is my newest one:

It seems that the Pair is forming a bullish shs. If the Formation will be triggered, the longterm downtrend has to be discussed. The possible neckline is based near the trendchannels upper edge. i hold onto my former bearish Analysis for the pair ( - At the moment i see on the one hand the chance for a double bottom with basis 1,08. The target of this formation is 1,1425. -Above 1,1425 there is enough place to make a new high at 1,18. (orange counting)

On the other hand there is the strong momentum and dynamic of the longterm downtrend - we are trading at its trendchanels upper edge. This can perhaps be interpreated as a new anticyclical selling signal as long as we trade below this level.
-Below the last valid orange "3" at 1,08 a drop to 1,04 can be exspected
-below the last valid red "2" a longterm selloff can be exspected with target @ 0,92) , but the possibleshs could Change my view.
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