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LegionQ8
May 20, 2023 8:15 AM

Euro can break support level and continue to decline Short

Euro Fx/U.S. DollarFXCM

Description

Hello traders, I want share with you my opinion about Euro. Watching the chart, we can see how the price continued to rise after the fake breakout of the support level 1.0760. After a downward correction, the price formed a support area 1.0830-1.0855, continued to move upwards and reached the resistance area 1.1075-1.1095. Over time, the Euro created an ascending triangle in which it traded for a long time. The price bounced off the triangle support line, rose to the resistance area, re-tested it, and began to fall. The price broke through the support line of the triangle, leave triangle and continued to decline. Subsequently, the Euro reached the support area, tested it and made an upward correction. We see the price continue to fall and break through the support area. Not so long ago, the Euro fall to the support level of 1.0760 and, after a retest, bounced off and made an upward correction. Price after retest current resistance area continue to fall and now trades below. I think that on Monday after the opening of the market, the Euro can continue the downward movement and break through the support level. So, I decided to set the targets at level 1.0760 and at level 1.0700. Please share this idea with your friends and click Boost 🚀
Comments
Setupsfx_
Have you considered back up plan if #dxy weakens ?
chuzmatik_Lupalule
@Setupsfx_ exactly! and this coming week we might see an impulsive drop
TheNewsCrypto
Agreed, thanks for sharing
linofx1
Great:) thanks for sharing
ArmanShabanTrading
a job well done.
InkyGrip
interesting EURUSD idea. We could see a new bearish impulse
KABHI_FOREX_TRADING
Good analysis,
transparent-fx
Well researched content. Thanks for helping the community.
BTM-Trading
i totally agree!
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