EURUSD vulnerable to more downside

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EURUSD vulnerable to more downside

EURUSD vulnerable to more downside

EURUSD broke below key short-term support level and challenged the recent lows at 1.2050. So far the recent lows remain intact. However price is vulnerable to more downside because short-term support did not hold.

EURUSD vulnerable to more downside

Red line – support broken

EURUSD has broken support at 1.2115. Price reached today 1.2058. This price action implies more downside. I expect price to continue lower until the end of the week. Resistance is at 1.2130 and as long as price is below it, I expect a move below 1.2050 over the next couple of sessions. The RSI is not at oversold levels. Bulls need to do a lot of work in order to regain control of the trend.

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Source : https://www.fx.co/forex_analysis/quickview/204477/