EUR/USD has broken clearly below the uptrend-line from May 2020 indicating a deeper corrective decline is unfolding. We are ultimately looking for a corrective decline to solid support near 1.1608 from where renewed upside pressure is expected. But for now we should stay focused towards the downside for a dip to 1.1865 form where a minor counter-rally close to 1.2048 is expected before the next push lower to 1.1608 should be expected.
R3: 1.2113
R2: 1.2048
R1: 1.2003
Pivot: 1.1963
S1: 1.1926
S2: 1.1869
S3: 1.1865
Trading recommendation:
Sell EUR near 1.2048 and place the stop+revers at 1.2190
The material has been provided by InstaForex Company - www.instaforex.com