EURUSD is trading in a bearish move for a couple of weeks. Currently moving near to its support area which is around 1.1788

EURUSD could bounce from this area for a small correction towards minimum 1.19885 which is first minor resistance level and this move may extend towards 1.2165 maximum according to the daily time frame chart.

I am sharing 2 different time frame technical analysis. Please read the analysis written below.

 

Daily Time Frame Technical Analysis

EURUSD is finding a support around 1.1788 as per the daily time frame chart. Hammer at the support level indicating a correction may start and it could hit minimum target level at 1.19885 and 1.2165 in case of extension.

The price may reverse again from the 1.2165 area for the new low.

Daily Time Frame Technical Chart

 Daily Time Frame Technical Chart

 

We will look for weekly technical analysis to predict the longer-term movement and target levels.

 

Weekly Time Frame Technical Analysis

As we can see at the weekly chart, EURUSD is in a bearish mode from a couple of weeks and MACD indicating more selling pressure ahead.

We may see one more dip for minimum 1.4421 level which can also extend towards 1.11817. This movement is expecting a small correction which is discussed above in a daily time frame chart.

Weekly Time Frame Technical Chart

 Weekly Time Frame Technical Chart

 

 

EUR USD SUPPORT & RESISTANCE LEVELS

Support 1:     1.1750       

Support 2:     1.14421

Support 3:     1.11817

Resistance 1 :   1.19885

Resistance 2 :    1.2165

According to the studies at Babypips Resistance become support when it breaks and support may act as a resistance when it is break.

 

Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.