EURUSD is reaching critical zone both in terms of support and current downward movement- but there is an reversal opportunity on the cards
Price is currently sitting around the 1.135 zone, but has reached the 4 hour support zone.
The challenge on this pair is the strength of the current downward movement, although RSI is indicating the oversold region.
A break through the 1 hour resistance line and a bounce off the 4 hour support zone, will indicate a move to the upside, looking for a TP1 at 1.145 and TP2 at the 1.155 area.
Whilst there is long sentiment - certainly wait for confirmation before entering any trade and a good opportunity (if a move to the upside happens) will be on the pull back after the break through.
Price is currently sitting around the 1.135 zone, but has reached the 4 hour support zone.
The challenge on this pair is the strength of the current downward movement, although RSI is indicating the oversold region.
A break through the 1 hour resistance line and a bounce off the 4 hour support zone, will indicate a move to the upside, looking for a TP1 at 1.145 and TP2 at the 1.155 area.
Whilst there is long sentiment - certainly wait for confirmation before entering any trade and a good opportunity (if a move to the upside happens) will be on the pull back after the break through.