EURUSD: New Lows This Week

As expected, we saw strong resistance at 1.17806 last week, which may push price to new lows. The daily down trend is still intact, from our mid-March highs of around 1.2:

EURUSD 1-Day Down Trend Intact
EURUSD 1-Day Down Trend Intact

So we’re still targetting 1.16163 from our high time frames. And possibly as low as 1.15538, where we can expect to see plenty of support:

EURUSD 1-Month Chart
EURUSD 1-Month Chart

It’ll be interesting to observe price action around these two levels. We could get a huge pop, as the prevailing trend is still bullish.

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