Relevance up to 08:00 2020-05-15 UTC–5
Yesterday I noted how EURUSD got rejected once again and the inability to recapture 1.0880-1.09 could lead price lower. Support was at 1.0845-1.0830 and failure to hold this level, would price below 1.08 as I explained yesterday.
Red rectangle -resistance
Green rectangle – support
EURUSD is trading below 1.08 once again as expected. Price action showed vulnerability signs. Bulls were not strong enough to break resistance at 1.09. Now there is a big test ahead for bears. Will they be strong enough to break below the green support area? If yes then I expect to see EURUSD push towards 1.0650 and lower over the next few sessions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
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