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EUR/USD Downside Continuation Confirmed!

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EUR/USD is trading in the red right now and it could reach fresh new lows. You already know from my analysis that the pair could resume its downwards movement as long as it stays under the downtrend line.

Only a breakout above the downtrend line would have signaled that the downside movement is over. Dropping below the 1.1774 signals downwards continuation.

Trading Conclusion!

Its failure to come back towards the downtrend line and the current drop far below 1.1774 former low is seen as a selling signal. The next major downside target is at 1.1700 psychological level. It could approach and reach this level as long as it stays under the downtrend line.

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