EURUSD – Sideways move

Razvan Mihai

Analyst

The price of EURUSD drew a down trend, on a 60 minute chart. Currently it retraced around 50% of the previous impulse. As long as a higher high is not drawn we can presume that the down trend is still active.

A break below the local support from 1.1145, could signal a drop towards 1.1100 or even lower, towards 1.1050, hitting a new lower low. On the other hand a close above the local resistance from 1.1230 could signal a rally which could target the previous high of the down trend.

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