535
I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

EUR/USD: downward correction is about to start

EUR/USD: downward correction is about to start

There’s a bullish “Double Bottom”, which led to the current upward price movement. Finally, bulls faced a resistance at 1.1270, so we’ve got a local consolidation. Therefore, the market is likely going to reach the nearest support at 1.1232 – 1.1220 in the short term. If a pullback from this area happens, there’ll be an opportunity to have another bullish rally towards a resistance at 1.1282 – 1.1324.

EUR/USD: downward correction is about to start

As we can see on the one-hour chart, there was a consolidation between the 55 Moving Average and the closest support at 1.1145. However, bulls came back into the market, so we’ve got an achievement of a resistance at 1.1251. So, it’s likely that buyers are going to reach the next resistance at 1.1270, but if a pullback from this level arrives, then a downward correction becomes possible. 

Scroll to top