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R.Linda Trading - forecast

EURUSD → False resistance breakout. Decline to 1.075?

2024-05-29 10:06 FOREX forecast

💡 Ideas For EURUSD 🇪🇺🇺🇸

📈 EURUSD → False resistance breakout. Decline to 1.075?

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EURUSD is testing range resistance and forming a false breakout with further confirmation of the boundary. The bears are strong and are not letting the price beyond 1.0884 yet

snapshot

On Thursday and Friday strong and important news are published. Traders are interested in US GDP and PCE. There is a high probability to see data that could be bullish for the dollar in the current circumstances. As for EURUSD - trading inside the range may continue. Technically, I am waiting for a bounce from the local trend support and a retest of the resistance before a further decline.

Resistance levels: 1.0884, 1.0942

Support levels: 1.0802, 1.0736

False break of resistance is a confirmation that the price is not ready to go up yet. A breakdown of the scenario is possible, if the price breaks through and consolidates above 1.0884, but there are no reasons for that. We expect a breakout of 1.0836 with the purpose of further fall.

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