EURUSD → Weak fundamental background and trend change

Mar 15

EURUSD is testing the local channel support. The probability of a breakout attempt is quite high, as the currency pair is trading on a negative fundamental background.



The dollar is strengthening after a wave of positive news, at the same time EURUSD is hitting a strong resistance at 1.0949 on D1. A bearish candlestick is being formed with the session closing at the low point. Based on the candlestick pattern on Thursday, we can assume that the negative fundamental background is favorable for further decline, and the market is not finished moving yet. Consolidation below 1.08975 and breakout of 1.0880 will form a potential for further fall.
The zones of 1.07958 and 1.0724 could become a target

Support levels: 1.0880
Resistance levels: 1.08975

I expect a retest of resistance followed by a breakout of support. The market is trying to change the local trend and with a high probability it can do it

Regards R. Linda!

Mar 15

Trade active

Friday's session is low-volatility
Price closes near support

Mar 18

Trade active

Consolidation in the support area is a kind of struggle between buyers and sellers. Buyers lose, momentum is formed and liquidation takes place. Sellers are pushing the target

Mar 19

Trade active

The currency pair continues to decline as the dollar index rises