#Euro Collapsing, USD Bulls Target $1.0730
Past Performance
The Euro is disintegrating following the events of last week. With the path defined, sellers can continue looking for entries to unload as they press on, targeting $1.0730. The middle BB caps the upside as a floating resistance level, while $1.100 is a fixed reaction line that must be broken for buyers to push higher.
#EURUSD Technical Analysis
Presently, sellers have the upper hand, which will be the case, provided prices are banding along the lower BB. Notice that May 12's bar had no lower wick suggesting that the liquidation pressure was strong. This could spill to this week. In that case, local resistance will be at $1.0940, or around May 12's high. Any drop below 1.0850 may trigger even more sell-off, allowing sellers to double down in lower time frames.
What to Expect?
The downtrend is in motion after gains from March. In a breakout formation, prices are dropping, with above-average volumes pointing to participation. For this to change, there must be wide-ranging wicks reversing recent losses.
Resistance level to watch: $1.0940
Support level to watch: $1.0730
Disclaimer: Opinions expressed are not investment advice. Do your research.
The Euro is disintegrating following the events of last week. With the path defined, sellers can continue looking for entries to unload as they press on, targeting $1.0730. The middle BB caps the upside as a floating resistance level, while $1.100 is a fixed reaction line that must be broken for buyers to push higher.
#EURUSD Technical Analysis
Presently, sellers have the upper hand, which will be the case, provided prices are banding along the lower BB. Notice that May 12's bar had no lower wick suggesting that the liquidation pressure was strong. This could spill to this week. In that case, local resistance will be at $1.0940, or around May 12's high. Any drop below 1.0850 may trigger even more sell-off, allowing sellers to double down in lower time frames.
What to Expect?
The downtrend is in motion after gains from March. In a breakout formation, prices are dropping, with above-average volumes pointing to participation. For this to change, there must be wide-ranging wicks reversing recent losses.
Resistance level to watch: $1.0940
Support level to watch: $1.0730
Disclaimer: Opinions expressed are not investment advice. Do your research.
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