EUR/USD Long-Term Trend: Bearish
Key Resistance Levels: 1.1379, 1.1417, 1.1492
Key Support Levels: 1.1238, 1.1181, 1.1163
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
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.
Sell Limit Order @ 1.1325
TP 1 @ 1.1254
TP 2 @ 1.1186
Stop Loss @ 1.1371
Trade Safely 🙂