EURUSD had a breakdown as it broke below the bottom of a 2-month rising channel.
The price managed to recover some losses on Friday amid weaker than expected NFP but stayed resisted right at a neckline at 1.2170.
EURUSD is now expected to stay in a ranging mode and since the price is now at a high coupled with a breakdown, we are expecting more downward movement in the coming week.
This week, we will look for selling opportunities around 1.2170 and targeting 1.20, the equilibrium level of the current range.
The price managed to recover some losses on Friday amid weaker than expected NFP but stayed resisted right at a neckline at 1.2170.
EURUSD is now expected to stay in a ranging mode and since the price is now at a high coupled with a breakdown, we are expecting more downward movement in the coming week.
This week, we will look for selling opportunities around 1.2170 and targeting 1.20, the equilibrium level of the current range.
