Friday, I suggest that the EURUSD may be bottoming as it appeared to the formation of a double bottom around a key support level. However, after failing to break the 1.1140 neckline, double bottoms was never completed, and then, the pair continued south.
Again, we are trading around a key support level that should test the resolve bear and offer important clues as to whether the decline still has legs.
This support is around 1.0975 to 1.10, which between mid-December and January is an important area. resistance
Provide additional support is the rising trend line from 3 December low, while just below, we have the Fibonacci level of 61.8% retracement -. Low 5 January-November high in February
in the mind, if the liquidation of the last week and a half was actually just another retracement of the rally that began in early December, so it would be a logic level for the pair to catch again an offer and bulls regain control.
If the support is broken, it could open a move back towards 1.08 which is a key support level for much of December and January, with additional support being found around 1 , 07.
the hourly chart can support it with rallies over the last two days several times to be sold in the lower level resulting from a series of lower highs, while 1.090 is again under pressure.
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