EURUSD: The Downtrend Is Going to Be Continued

EURUSD: The Downtrend Is Going to Be Continued

Euro Fx/U.S. Dollar FX:EURUSD

DLavrov

The price is going to reverse from the resistance zone formed by SMA100, the downtrend line, and 1.10600 resistance level . Probably the market will continue the downtrend. If so, this reversal and a breakout below 1.10200 support and the local swing low will provide us a new sell opportunity.

Entry-level can be below 1.10200
Stop-loss orders should be placed above 1.10700
Profit-target can be placed at 1.09500 support.

RSI confirms the price reversal. MACD lines and histogram are going to support the downward movement.
Source: TW DLavrov

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