EURUSD is moving slightly higher after a low at 1.1761 made yesterday. Trend remains bearish as price continues making lower lows and lower highs. EURUSD is trading inside a short-term bearish channel and could see the upper channel boundary around 1.1810-1.1815. I expect this bounce to be short lived and price to continue lower towards our 1.17 target.

analytics605e2ed17f8fb.jpg

Blue lines – bearish channel

Red line – major support

Black lines – expected price path

EURUSD is at the final stages of the decline from 1.1990. I expect one more low to unfold early next week. Bears need to be cautious in case price breaks out of the bearish channel. A bounce is justified and bears should expect it. At this point I expect price to test the upper channel boundary and get rejected for a new lower low.

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.