analytics6045228c0940e.jpg

Overview :

The EUR/USD pair is testing a confluent area of resistance ahead of the weekend, marked by a 23.6% Fibonacci retracement at 1.2020 and the underside of a prior bearish trendline that projects into the same nearness.

Resistance will bet set at the levels of at 1.2020 and 1.2096 will also likely add conviction to the bearish narrative, and may activate longer-term breakout selling interest.

In terms of trend, the primary downtrend has been in play since price broke the 1.2020 resistance.

The EUR/USD pair continues to move downwards from the level of 1.2020.

The pair dropped from the level of 1.2096 (this level of 1.2096 coincides with the double top) to the bottom around 1.1915.

Today, the first resistance level is seen at 1.2020 (the weekly pivot point) followed by 1.2096 , while daily support 1 is found at 1.1971.

Also, the level of 1.2020 represents a weekly pivot point for that it is acting as major resistance this week.

Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.2020 towards the first support level at 1.1971 in order to test it.

If the pair succeeds to pass through the level of 1.1915, the market will indicate a bearish opportunity below the level of 1.1915.

If the NZD/USD pair fails to break through the resistance level of 1.1915 today, the market will decline further to 1.1871 and then try to reach 1.1800 (major support).

However, if a breakout happens at the resistance level of 1.2096, then this scenario may be invalidated. – The market is still in a downtrend. We still prefer the bearish scenario in coming two or three days.

The material has been provided by InstaForex Company – www.instaforex.com

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.