Quantitative easing Return to Europe: selling euro
EURUSD is trading within the strong support level at 1.1114, and looking at the daily chart, we notice that the pair tested these levels on four occasions during the year 2019.
The chances for these support levels remain weak unless there is any surprise from the Fed, so if broken, the next support level would be 1.1023 then 1.0926.
On the 4h chart, the pair is moving in a bearish channel. If the pair is in a correction movement, the upper channel limit and the 100 SMA will constitute the first resistance at 1.1186.
Any correction move towards these levels will be a good selling opportunity with few risks.
Also, breaking the support level 1.1114 and closing below it is another signal for sale.
The chances for these support levels remain weak unless there is any surprise from the Fed, so if broken, the next support level would be 1.1023 then 1.0926.
On the 4h chart, the pair is moving in a bearish channel. If the pair is in a correction movement, the upper channel limit and the 100 SMA will constitute the first resistance at 1.1186.
Any correction move towards these levels will be a good selling opportunity with few risks.
Also, breaking the support level 1.1114 and closing below it is another signal for sale.