💱EURUSD - A retest of support will lead to a breakout
EURUSD will weaken further. The reason for this is further strengthening of the dollar. News from the FOMC suggests further decline in the currency pair
TA on the high timeframe:
1) The market is testing the support at 1.0635
2) The third retest is formed after 4 days - high chance of further support breakout
TA on the low timeframe:
1) The descending price channel continues to form
2) False breakout this morning may give a small correction to 1.06750 before further support breakout
3) EUR support at 1.06350 could break quite quickly amid a weak market. A sell signal would be price consolidation below the level
Key resistance 📈: 1.0675, 1.0707
Key support 📉: 1.0635
TA on the high timeframe:
1) The market is testing the support at 1.0635
2) The third retest is formed after 4 days - high chance of further support breakout
TA on the low timeframe:
1) The descending price channel continues to form
2) False breakout this morning may give a small correction to 1.06750 before further support breakout
3) EUR support at 1.06350 could break quite quickly amid a weak market. A sell signal would be price consolidation below the level
Key resistance 📈: 1.0675, 1.0707
Key support 📉: 1.0635
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