EURUSD breaks support and provides new sell signal

EURUSD has broken through 1.12 and is already 50 pips lower. Trend remains bearish. As we mentioned in previous post there would not be a fourth bounce from 1.12. A break below it would be for real the next time. And here we are. EURUSD is in bearish trend looking for a move towards 1.11 again where the 2019 lows are found.

Red rectangle – resistance

Green rectangle – support

Green line – trend line support

EURUSD has broken through support and is accelerating lower. Any bounce is considered a selling opportunity as long as price is below 1.1280. Trend is bearish. Target is 1.11-1.1050 over the coming days. We could see a back test of 1.12 but we will also most probably see a rejection. Current price action suggests that the entire move from 1.11 to 1.1412 was just a bounce in the bigger down trend. Taking into consideration the long-term bullish divergence, I would expect a new marginal lower low between 1.11-1.1050 and then a reversal to the upside.

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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