EUR/USD bears remained in control over the last week as prices reached 1.0760 on Friday. The single currency pair lost over 330 pips since printing highs at 1.1095 earlier. It is seen to be trading close to 1.0815 at this point of writing as bulls are pulling back for a retraceement before the next leg lower again.
EUR/USD is working on a larger degree upswing between 0.9535 and 1.1095 as seen on the daily chart. Prices are expected to produce a ccorrective phase, which could reach 1.0500 and the 1.0100-50 range. Only a push above 1.1095 would void the above bearish structure and bring back bulls in control.
EUR/USD has carved a lower degree down swing between 1.1095 and 1.0760 in the past few trading sessions. The currency is retracing the above drop and resistance begins from the 1.0940-50 range. Bears will be poised to drag prices lower towards 1.0700 once the pullback is complete. Looking lower in the medium term.
Trading plan:
Potential drop to continue towards 1.0500.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
EUR/USD bears remained in control over the last week as prices reached 1.0760 on Friday. The single currency pair lost over 330 pips since printing highs at 1.1095 earlier. It is seen to be trading close to 1.0815 at this point of writing as bulls are pulling back for a retraceement before the next leg lower again.
EUR/USD is working on a larger degree upswing between 0.9535 and 1.1095 as seen on the daily chart. Prices are expected to produce a ccorrective phase, which could reach 1.0500 and the 1.0100-50 range. Only a push above 1.1095 would void the above bearish structure and bring back bulls in control.
EUR/USD has carved a lower degree down swing between 1.1095 and 1.0760 in the past few trading sessions. The currency is retracing the above drop and resistance begins from the 1.0940-50 range. Bears will be poised to drag prices lower towards 1.0700 once the pullback is complete. Looking lower in the medium term.
Trading plan:
Potential drop to continue towards 1.0500.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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