As expected previously, the EurUsd pair has continued its down trend on Fryday. Currently its sitting on a previously broken trend line, which should provide some support for a while. From this level moving forwards there are only 2 significant options:
1. The market moves strongly to the upside and starts an new bullish trend or, the more likely scenario
2. The market breaks the current support level and moves further down to test at least the lower down trend channel line.
On a longer term view I expect the market to gain some momentum and get out of this channel to the downside. First significant level where I would look for support is the low area on the chart marked with the green rectangle.
Hope my view helps you in your trading!
1. The market moves strongly to the upside and starts an new bullish trend or, the more likely scenario
2. The market breaks the current support level and moves further down to test at least the lower down trend channel line.
On a longer term view I expect the market to gain some momentum and get out of this channel to the downside. First significant level where I would look for support is the low area on the chart marked with the green rectangle.
Hope my view helps you in your trading!
