USD is destroying some of the emerging economies such as Turkey and South Africa. In today’s EUR/USD daily technical analysis I’m looking into bearish breakout.
As we can observe on EUR/USD daily chart, the price after a strong downward movement and a breakout of a well tested trendline, opened in today’s session with a gap to 1.13700, which consists a previous support and also the point where the 200 weekly Moving Average currently is.
In my opinion, if the price move upward to test again the trendline but fails to break the trendline to the upside, then the scenario of a new downward movement to 1.13700 is probable. If a penetration of 1.13700 takes place, then in my opinion the price will move to 1.13095. Finally, if breakout of 1.13095 happens, then in my opinion the price could find another support to 1.11218, which has been tested twice in the past.
Please note that this is my opinion, represents only myself and nothing is guaranteed. Do not trade by taking into consideration only my opinion and also study by yourself.