EURUSD → Flat. Break of support will continue the trend

26 Okt 2023

EURUSD broke the downtrend earlier. But there is one thing - there is no change of market direction. A flat is formed within which the price is moving from resistance to support



Pay attention to the DXY . after a local stop and a false breakout, the index continues to show bullish attacks, despite the local improvement in inflation. At the same time, the EURUSD currency pair is also standing still. There is a major prerequisite for the market to continue its decline - the flag on D1. If the support at 1.05000 is broken, the price will form a bearish impulse. A rebound from the support may follow before the break of 1.05000.
Moving averages show accumulation formation against the background of bearish trend.

Support levels: 1.05000, 1.0460
Resistance levels: 1.06000, 1.0632

I assume that in the long term a small correction may follow before the breakout of the above support.

Regards R. Linda!