In our previous analysis, the bullish movement was predicted in EURUSD, this did not happen, EURUSD fails to bounce from the support. Break and close below the support zone invalidate our bullish thoughts.
I am sharing update weekly and daily time frame technical analysis for next movement predictions. Please go through the EURUSD Technical Analysis written below.
Weekly EURUSD Technical Analysis
The price falls to bounce from the support which was predicted in previous post. It invalidates our bullish thoughts in EURUSD.
The price already breaks its major support zone 1.1515 and movement below this level confirms the bearish bias.
More bearish movement is expecting this week and price may touch its initial support 1.1190 which could also the first target for EURUSD. The MACD volume is also in favor of the bearish movement.
We will look for bearish trade from every high as long as the price is moving below the resistance 1.1515 which was previously supported.
Please have a look at weekly technical EURUSD chart below, i have drawn a possible movement diagram with a weekly expected target level.
EURUSD Weekly Technical Chart
EURUSD Daily Technical Analysis
After breaking the major support area, the support becomes resistance as per the technical rules. The immediate resistance is the broken support 1.1515 and the current market price is around 1.13445.
The price could move little high before a new low but it may remain below the resistance 1.1515. The next bearish target for daily and weekly analysis area the same 1.1190 which could be the first bearish target for sellers.
Please have a look at EURUSD Technical chart below, i have drawn a possible next movement diagram with target levels.
EUR USD Daily Technical Chart
EUR USD SUPPORT & RESISTANCE LEVELS
Support 1: 1.1315
Support 2: 1.1190
Resistance 1 : 1.1515
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