kiheme

EURUSD continued possible down move.

FX:EURUSD   Fx Euro/Dolar U.S
102 3 10
Made a 50% retrace and rejected that area, now broken out of channel. Possibly a continued downward move?
EUR/USD 06/06/2017 from TeleTrade

We can see at the beginning of the morning light signal of EUR / USD pair but in the beginning of afternoon session, the strong downward trend suddenly appeared and pulled the price to 1.1241. However, the probability of falling further and falling below 1.1232 is not appreciated when the H4 - D1 graph clearly supports the upward momentum.

Observing the H1 chart, the downward momentum is predominant but this is only considered necessary adjustment factor in the short term before the market turns up again. There are no signs that prices will reverse down so expect the uptrend will be formed soon and the target is expected to be 1.1290 - 1.1300.

Resistance level: 1.1275 - 1.1300 - 1.1325
Support levels: 1.1232 - 1.1220 - 1.1200
Balas
kiheme emilynguyen
@emilynguyen, I agree, my analysis was a little myopic. Thanks for commenting.
Balas
kiheme kiheme
@kiheme, *Edit* sorry, not a litte myopic, more like full fledged blindness .lol I totally discounted the Overall trend in this situation.
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