EUR/USD: Euro approaches technical support at 1.12120
|EUR/USD: Euro approaches technical support at 1.12120
What is going on now with EUR/USD?
EUR/USD: The Euro has fallen deep into bears territory after slipping below 1.13165 as indicated in yesterday's update. The Euro fell from 1.13165 to 1.12665 support during the Asian session and continued its sell-off during the overnight session.
Our forecast
EUR/USD: The Euro continued its sell-off in this mornings session after falling below 1.12665 and 1.12420 support. The Euro currently trades at 1.12219 and is approaching a critical support point at 1.12120. The pair could either bounce at 1.12120 and head back up to 1.12420 or head down to 1.11835 and 1.11545 support if it fails at 1.12120
Support/short target -1.12120, 1.11835, 1.11545, and 1.11375
Resistance/Long Target -1.12420, 1.12665, 1.12965, and 1.1316
Chart 1: The short-term view of the EUR/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the EUR/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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