Euro will Fall Towards the 1.1575 Support Level

Sep 26

Hello traders, I want share with you my opinion about Euro. The market for the Euro has recently shown a significant sign of weakness, with a failed breakout above the key 1.1770 Resistance Level. After a sustained rally within an upward channel, the price of EURUSD pushed into the 1.1770 - 1.1790 seller zone but failed to find acceptance, quickly reversing back below the broken levels. This 'bull trap' has invalidated the immediate bullish momentum and shifted the short-term market structure to a bearish bias. Currently, after the initial sharp decline from the highs, the asset is in a minor corrective bounce. In my mind, this price action represents a low-momentum pause before the next wave of selling. I expect that this small upward movement will soon be exhausted, and the price will continue its bearish movement downwards. A failure to produce a strong rally from these levels confirms that sellers have regained control. Therefore, I have placed my TP for this trend-continuation scenario at the major 1.1575 support level. This target is a logical objective, as it represents the next significant area of historical support and aligns with the 1.1575 - 1.1548 buyer zone. Please share this idea with your friends and click Boost 🚀

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Sep 27

Trade active

I am observing that EURUSD is currently making a minor upward corrective move. In my mind, this is a temporary pause, and I expect the price may rise slightly further into the start of the week. After this correction completes, I still anticipate the primary bearish movement to resume.

Sep 28

Trade closed: target reached

Euro little grew, so I expect that price can rise a little more and then start to fall.