Advertising
Advertising
twitter
youtube
facebook
instagram
linkedin
Advertising

The Probability Of The EUR/USD Trend Reversal Towards Fresh Lows Remains High

The Probability Of The EUR/USD Trend Reversal Towards Fresh Lows Remains High| FXMAG.COM
Aa
Share
facebook
twitter
linkedin
the probability of the eur usd trend reversal towards fresh lows remains high grafika numer 1

Technical outlook:

EUR/SD raised through the 1.0674 highs intraday on Wednesday, just shy by a few pips from our projection at the 1.0680 mark, before finding resistance. The currency reversed sharply thereafter slipping to the 1.0606 lows carving a shooting star candlestick pattern on the daily chart. It is seen to be trading close to the 1.0620 mark at this point in writing, as bears prepare to be back in control.

EUR/USD might have completed its lower degree pullback at the 1.0674 mark and is now looking ready to drag lower towards 1.0350 at least. Potential remains for bears to resume the larger degree downtrend and drag prices below the 0.9535 mark. A slip below the 1.0570 interim support will accelerate lower towards 1.0350 and further.

EUR/USD further reversed from its trend line resistance and the Fibonacci 0.382 retracement around 1.0736. Hence probability remains high for a trend reversal towards fresh lows below 0.9535. Alternatively, prices could drop towards 1.0000-50 before finding support and resming its rally. Either way, prices are looking lower in the near term.

Trading plan:

Potential bearish turn against 1.0750

Good luck!

 

 

Relevance up to 05:00 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Read more: https://www.instaforex.eu/forex_analysis/306675


Oscar Ton

Oscar Ton

Analytical expert of InstaForex

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.


Advertising
Advertising