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blue rectangle- resistance
Green lines- support trend lines
EURUSD is trading just above 1.05. Price has made a triple top at 1.06-1.0620 confirming the importance of the resistance at that area. Our Ichimoku cloud analysis also confirmed the importance of resistance at that area and the recent rejection provided us with a sign of weakness. One thing is for sure. For bulls to have hopes for a bigger reversal, they will need to break above this level. On the other hand, support is found at 1.0490-1.0495. Failure to hold above this level will most probably lead EURUSD towards 1.0445. The bounce from 1.0360 to 1.0615 is 61.8% of the entire decline from 1.0774. Price has stopped at the 61.8% Fibonacci retracement three times so far. We have said many times before that the 61.8% level is a possible trend reversal level. Since bulls were unable to break this key Fibonacci resistance, the most probable scenario will be for price to move to new lows.
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