EUR/USD dropped below 1.2060 former low signalings a broader drop ahead. I’ve told you in my previous analysis that the pair continue to decline after failing to stabilize above the downtrend line.

Dropping below the 1.2097 level activated the current sell-off with an immediate downside target at 1.2000 psychological level. Technically, the next major downside target remains at the down channel’s downside line, around 1.19.

Trading Conclusion!

The breakdown below 1.2060 former peak low represented a selling signal. Now, a new selling opportunity could be signaled by a drop and stabilization below 1.2000 psychological level.

The bearish, downside, bias remains intact, EUR/USD should drop deeper as long as it stays under the red downtrend line, within the descending channel’s body. The 1.1900 and the channel’s downside line could be used as downside targets.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.