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Euro / U.S. Dollar
Short

EURUSD → False breakout of resistance. Downtrend

By RLinda
Updated
EURUSD is testing resistance in the downtrend phase. The maneuver ends with a false breakout of resistance at 1.0607

snapshot

On the daily timeframe the price is squeezed between the strong resistance at 1.06011 and the local support at 1.05. So, if the bears keep the defense below the key resistance, the currency pair will continue to fall in the short term. The target in this case may be the area of 1.05 - 1.044.
But, technically, the retest of 1.0607 may provoke a local breakout of the level and the price movement to the channel resistance against which there will also be a high probability of formation of a false breakout.

Resistance levels: 1.0607, 1.965, 1.076
Support levels: 1.0448, 1.0331

Emphasis on resistance. Confirmation of the nearest resistance in the form of price consolidation below the level, if retested, could be a good entry zone. But if resistance is broken, the focus will shift to 1.065 - 1.067

Rate, share your opinion and questions, let's discuss what's going on with ★ EURUSD ;)


Regards R. Linda!
Trade active
snapshot
The retest of the resistance at 1.0607 and the rebound confirms the fact that bears continue to put pressure on the market.
A rebound from this level is an entry
Trade closed: target reached
snapshot
Chart PatternsconsolidationDescending ChannelDXYEURUSDFibonacci RetracementFundamental AnalysisSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
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