EURUSD / Price just broke Daily support, looking to go lower
Previously with EUR/USD, price has formed a series of Lower Lows and Lower Highs since retesting 1.1550 previous structure resistance level until recently in May 2019, the market showed a major rebound to push the price back up from 1.1120 to 1.1420 level.
However, in the past month, the market has completely digested the past increase and retracted back to 1.1120 structural support and successfully broke the 1.1120 structural support level last week.
This indicates the after the market has tried to fight against the downtrend but has failed and now decides to continue to the downside.
We are looking to short inside the 1.1120 structure resistance level with TP1 @1.0984 and TP2 @1.0828. Potentially, we predict the price may go even lower to 1.0825 level.
Gordon @GoreStreetTrading
However, in the past month, the market has completely digested the past increase and retracted back to 1.1120 structural support and successfully broke the 1.1120 structural support level last week.
This indicates the after the market has tried to fight against the downtrend but has failed and now decides to continue to the downside.
We are looking to short inside the 1.1120 structure resistance level with TP1 @1.0984 and TP2 @1.0828. Potentially, we predict the price may go even lower to 1.0825 level.
Gordon @GoreStreetTrading