EURUSD reacting off resistance, further potential drop!
Updated
EURUSD has reacted off our first resistance at 1.2285 (horizontal overlap resistance) and a further drop might occur below this level, pushing price down to our major support at 1.2238 (horizontal swing low support).
RSI (89) is also approaching our descending resistance line and a reaction of this level might be a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also approaching our descending resistance line and a reaction of this level might be a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached
Dropped nicely to our major support!! Did you mange to ride the wave down?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.