Euro can break support level and continue to decline in channel

Feb 4

Hello traders, I want share with you my opinion about Euro. Looking at the chart, we can see how the price some days ago rose to the resistance line, which is located in the seller zone, which coincided with the resistance level and at once started to decline to the support line. After the price declined to this line, it broke the 1.0780 level, but soon Euro rebounded and in a short time rose higher than the 1.0780 level, which coincided with the buyer zone, breaking it one more time. Then the price rose to the resistance line again, but then the price turned around and entered to downward channel, where it soon broke the 1.1000 resistance level with the support line. Next, EUR fell to the support line of the channel, after which the price bounced up and rose to the resistance level. Then price continued to decline in the channel to the support level, and when it reached this level, the EUR rebounded at once to the resistance line of the channel, but a not long time ago price fell back, and at the moment, the price trades near 1.0780 level. In my mind, the Euro can rise a little, after which the price breaks the support level, and continues to decline in the channel. So, for this case, I set my target at the 1.0700 level. Please share this idea with your friends and click Boost 🚀