EURUSD continues making lower lows and lower highs. Price is now making new lows as it is trading at 1.1791. Our downside target remains at 1.17 however in the next few hours there are increased chances of seeing a short-term bounce towards 1.1850.

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Blue line- short-term resistance

Black lines – expected path if blue line is broken

Red rectangle -target

EURUSD is in a clear bearish trend. If price breaks above 1.1807 then we should expect price to move towards the red rectangle as a relief bounce. I continue to expect price to reach 1.17 level and I expect to see price make small bounces on the way to our target. One of these bounces I expect to see is this one. So I’m prepared to take profits in case intraday resistance is broken and sell higher close to the 1.1850 level.

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

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