EURUSD will drop to 1.2000 in a matter of time

Last week's growth could not compensate for the decline of two weeks ago. This indicates a higher probability of updating the January low. The downward pattern may become the main one in early February. Yesterday, a reversal pattern was formed at the daily level.

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The nearest support is the WCZ 1/2 1.2110-1.2102. This makes it possible to search for a buy pattern after testing it. The target of the upward movement remains the weekly short-term limit of 1.2230-1.2214. The implementation of this model is a priority.

The model above will not occur if the closing of today's trading is below the level of 1.2102. This will lead to the formation of a downward pattern. The target of the decline will be the weekly short-term limit of 1.2030-1.2014.

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The material has been provided by InstaForex Company - www.instaforex.com

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