EURUSD: Corrects After False Breakout Before Continuing Downward

27 Kas

EURUSD rising higher based on the correlated reaction with the dollar. The currency pair is likely to test the local highs. But! Since there is scheduled news today, you must be extremely cautious...

The fundamental background remains overall very negative since Trump’s victory.
Additionally, the local downtrend is not yet over, thus providing us with the main trend to follow in our trading decisions.

From a technical perspective, as a false support breakout is forming on the chart, we should wait for a retest of the resistance areas to consider further selling attempts aimed at pushing the price lower.

Short-term levels to watch:
Resistance levels: 1.051, 1.065, 1.076
Support levels: 1.051, 1.044, 1.033

If the bears behave aggressively on the back of the news, the price will likely continue to decline from these areas.

28 Kas

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good luck