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.
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.
The material has been provided by InstaForex Company – www.instaforex.com