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
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
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.