EURUSD → Readiness for further decline. Target 1.0600

17 cze 2024

EURUSD is in a bearish channel. The price is below the resistance at 1.0725, there is a possibility of retesting the liquidity area before further decline. The fundamental background is weak and the actual target is 1.0606



Globally, the market is neutral-bearish. The lower boundary of the symmetrical triangle on D1 is the actual target (testing the liquidity area). Based on the general situation on H4 it is worth paying attention to such zones as:
Resistance: 1.0725 (possible false breakout)
Support: 1.069 (breakdown. Consolidation below will activate sell-offs).
The market has a potential of about 1.10%.
No news today, the fundamental and technical background is still in place.

Resistance levels: 1.0725, 1.0812
Support levels: 1.069, 1.0606

On the daily timeframe, last week is closing very poorly, which most likely may hint at a possible continuation of the decline. The key target has not been reached yet, the potential is open.

Regards R. Linda!

17 cze 2024

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False resistance breakdown

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