EURUSD has extended fall last week, resulting in a 2nd consecutive bearish week.
The price has now reached a strong demand zone from 1.1730 onwards to 1.1700.
At this point, an inverse HnS could still be formed since the right shoulder support isn't completely broken.
Besides, the market is already trading at a low of the entire range and there will definitely be an opportunity for buyers.
This week, we are expecting a rebound from the current demand zone as it dip a little lower to the Fibo 78.6% level.
If the price fails to rebound at all, the next key level is 1.1700.
On the upside, we expect the price to be able to reach 1.1820 before any strong resistance will be seen, followed by the neckline of a probable inverse HnS at 1.1880.
The price has now reached a strong demand zone from 1.1730 onwards to 1.1700.
At this point, an inverse HnS could still be formed since the right shoulder support isn't completely broken.
Besides, the market is already trading at a low of the entire range and there will definitely be an opportunity for buyers.
This week, we are expecting a rebound from the current demand zone as it dip a little lower to the Fibo 78.6% level.
If the price fails to rebound at all, the next key level is 1.1700.
On the upside, we expect the price to be able to reach 1.1820 before any strong resistance will be seen, followed by the neckline of a probable inverse HnS at 1.1880.