Thursday, April 05, 2018

EUR/USD Reached The Strong Support Zone Of The Upward Trend


The depreciation to the support trend line of the upward EUR/USD trend has been expected to happen for some time now and today it finally became a reality.

1.2200-1.2240 is a very strong support zone and my expectation is that here there will be a major struggle between the bulls and the bears before one of the sides takes over.

The pair is yet to reach and break out below the critical 50% Fibo level of the last move north from 1.15529 to 1.25556 and until that happens the scenario for a renewal of the move to the upside will not be invalidated.

I think that in case there is a breakout, however, we can expect a large corrective drop to 1.17 or even lower.

For the moment we should follow how the pair develops in the support zone around 1.2200-1.2240.


8 comments:

  1. The fundamentals tomorrow should have a big effect on it.

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  2. Good posts, very helpful for all traders.

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  3. It's interesting to see how will develop today.

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  4. A deeper correction could be on the way.

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  5. I believe it will retrace further.

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  6. Enjoyed the article, thank you.

    ReplyDelete