Case Study Part 4: EURO still going down

We are now gaining 50+ pips, as the EUR/USD pair continues to drop, leaving a nice downtrend pattern. The week ends with the major currency pair pricing at 1.2920 – 1.2925, the same opening price zone. The pair bottomed at 1.2905 and bounced back to 1.2950. It seems that the pair is capped there since it is still going down when it failed to break the 1.2950 resistance. According to Forex Analyst the bloc pair is still bearish and it is a bit overbought.

Insight this week is that the EURO will continue to fall and might break through the:

1.2913 S1

1.2889 S2

1.2856 S3

Or on the upsideEUR/USD will rise and reach:

1.2970 R1

1.3003 R2

1.3027 R3

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