EURUSD bears are looking for complete control not allowing any pullback rallies as discussed earlier. They seem to be poised to push through 1.1700 levels, which is fibonacci 0.618 extension as highlighted here on the daily chart. EURO bulls can expect some respite around 1.1700 levels as fibonacci convergences are seen there; the 0.618 extension matching with 0.382 retracement of the rally between 1.0636 and 1.2350 levels.
EURUSD is seen to be trading at around 1.1731/35 levels at this point in writing, and bears remain poised to push lower towards 1.1700 at least. Also note that major price support is seen towards 1.1600 mark, the November 04, 2020 lows. Immediate resistance is now seen towards 1.1980, followed by 1.2242, while support comes in around 1.1700, followed by 1.1600 levels respectively.
EURO seems to be approaching support around 1.1600/1.1700 mark for at least a pullback rally to materialize. Traders might prepare to take profits on the short positions initiated earlier around 1.2240 and 1.2300 levels respectively. It would be interesting to see how prices react around 1.1700 and lower levels.
Book profits on shorts taken earlier @ 1.1700
The material has been provided by InstaForex Company – www.instaforex.com
🚀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.