A few weeks ago I said that EurUsd could drop to 1.05 zone support and, indeed, the pair fell to that level.
A rebound followed after the second touch of this support and now the pair is trading back above 1.07.
Although this double touch of the 1.05 zone and the break above 1.07 looks like a double bottom, in my opinion, it will not play out and I expect a reversal to the downside from 1.0770-1.08 resistance zone and a new drop towards 1.05 support.
A daily close above resistance would negate this scenario
A rebound followed after the second touch of this support and now the pair is trading back above 1.07.
Although this double touch of the 1.05 zone and the break above 1.07 looks like a double bottom, in my opinion, it will not play out and I expect a reversal to the downside from 1.0770-1.08 resistance zone and a new drop towards 1.05 support.
A daily close above resistance would negate this scenario
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.