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EUR/USD Potential Downward Movement

EUR/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.12675, 1.13449, 1.14000.

Key Support Levels: 1.12332, 1.12074, 1.11866.

Daily Time Frame:

The price on the higher time frame is in a clear downward movement where the price posted a correction near the strong resistance level (highlighted blue zone) around the 1.13460 USD mark. We can see as well an engulfing bearish pattern which shows that the sellers are in control of the market and this could lead to further movement to the downside.

EUR/USD Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the bearish flag formation to the downside after founding seller just above the bespoke resistance. A higher correction could be seen to this area before a new bearish impulsive wave toward the target profits.

Signal Idea:

Sell Limit Order @ 1.12645

TP 1 @ 1.12368

TP 2 @ 1.12074

Stop Loss @ 1.12780

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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