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EUR/USD Potential Downward Movement

EUR/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.1379, 1.1417, 1.1492

Key Support Levels: 1.1238, 1.1181, 1.1163

Daily Time-frame:

The price on the higher time frame has been in a downtrend for months and during the months of December and January, the price was in a consolidation zone. The pair attempted to break upwards and faced rejection at the 1.1492 level. As of now, we have seen a rejection again from that same level and the price has broken the lower trendline that confirms the bearish trend.

EUR/USD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the price is moving in the major trend’s direction and has also had a similar breakout as the daily chart. We expect to see good protection from the upside at the 1.1370 level. The price is expected to sustain below that level and continue downwards.

Signal Idea:

Sell Limit Order @ 1.1325

TP 1 @ 1.1254

TP 2 @ 1.1186

Stop Loss @ 1.1371

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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