EUR/USD price continues to trade lower at the price of 1.1124. New downside momentum is present. Selling still favorable.
Yellow line – major resistance trend line (supply trendline)
White lines- broken bearish flag pattern in background
Purple line – Fibonacci expansion 100%
EUR/USD price broke below the important 1.1183 support area and on that way confirmed further weakness. Most recently that price did break 12-H balance low at 1.1135, which is another confirmation of the strong selling pressure. MACD showed new momentum down and increasing of selling power. As long as the EUR is trading below the yellow supply line, the short-term trend is bearish. Downward target is set at the price of 1.1065.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD price continues to trade lower at the price of 1.1124. New downside momentum is present. Selling still favorable.
Yellow line – major resistance trend line (supply trendline)
White lines- broken bearish flag pattern in background
Purple line – Fibonacci expansion 100%
EUR/USD price broke below the important 1.1183 support area and on that way confirmed further weakness. Most recently that price did break 12-H balance low at 1.1135, which is another confirmation of the strong selling pressure. MACD showed new momentum down and increasing of selling power. As long as the EUR is trading below the yellow supply line, the short-term trend is bearish. Downward target is set at the price of 1.1065.
The material has been provided by InstaForex Company – www.instaforex.com
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