EURUSD turned down from the 1.06 level, breaking below the 1.05 support. The EURUSD had been trading between the range of 1.05 and 1.06 since mid June.
Therefore, since price has broken lower, due to hawkish comments from Fed Chair Powell and dovish concerns from ECB President Lagarde, anticipate continual weakness in the EUR with price moving to downside on the EURUSD with next support at 1.0366.
Following such a big move, it is likely that price would either rebound to retest (or come close) to the 1.05 resistance level or consolidate at the current price level before resuming the move lower.
Therefore, since price has broken lower, due to hawkish comments from Fed Chair Powell and dovish concerns from ECB President Lagarde, anticipate continual weakness in the EUR with price moving to downside on the EURUSD with next support at 1.0366.
Following such a big move, it is likely that price would either rebound to retest (or come close) to the 1.05 resistance level or consolidate at the current price level before resuming the move lower.
Trade closed: target reached
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