Previous Story
EURUSD is following a downtrend.
| EURUSD | H4 | ||
| Resistance | 1.0751 | 1.0845 | 1.0902 |
| Support | 1.0601 | 1.0543 | 1.0450 |
| Primary Scenario | EURUSD is following a downtrend. If the pair manages to extend its momentum, it will eye the next support at 1.0601 and even lower at 1.0543. | ||
| Alternative Scenario | A higher thrust of the market will bring the exchange rate into a correction course. A breach of the daily pivot at 1.0694 will lift the pair to the forthcoming resistance at 1.0751. RSI is trading at 29, within an oversold zone. | ||
 |
GBPUSD | H4 | |
| Resistance | 1.4836 | 1.4962 | 1.5038 |
| Support | 1.4635 | 1.4558 | 1.4433 |
| Primary Scenario | The pair has finally violated the key support level at 1.4760 (daily pivot). A sustained trading below this level will most likely push prices to drop further down to 1.4635 and 1.4558. | ||
| Alternative Scenario | Should GBPUSD achieve to penetrate the daily pivot, the next resistance is seen at 1.4836. | ||
 |
USDCHF | H4 |  |
| Resistance | 0.9822 | 0.9870 | 0.9952 |
| Support | 0.9692 | 0.9610 | 0.9561 |
| Primary Scenario | USDCHF surged above the daily pivot at 0.9740. If the pair manages to withhold the sellers’ pressure, it will climb towards the resistance levels at 0.9822 and 0.9870. | ||
| Alternative Scenario | A plunge of the market below the daily pivot, will lead the pair to find support at 0.9692. | ||
 |
USDJPY | H4 | |
| Resistance | 120.72 | 121.20 | 122.03 |
| Support | 120.29 | 119.82 | 119.41 |
| Primary Scenario | USDJPY has reached fresh highs. Any decisive movement upwards will trigger the market to exceed the critical barrier at 120.72, targeting the next resistance level at 121.20. | ||
| Alternative Scenario | A comeback of the currency pair will lead the market to breach the support at 120.29, opening the way down to 119.82. | ||
 |
AUDUSD | H4 | |
| Resistance | 0.7732 | 0.7774 | 0.7810 |
| Support | 0.7653 | 0.7617 | 0.7575 |
| Primary Scenario | AUDUSD is hovering around the daily pivot point at 0.7695. Any forceful attempt to surpass the obstacle at 0.7732 will generate strength for the market to target the resistance level at 0.7774. | ||
| Alternative Scenario | Alternatively, a setback of the rate below the daily pivot will find the market down to 0.7653. | ||
The post EURUSD is following a downtrend. appeared first on Forex Circles.
Source:: EURUSD is following a downtrend.
Won't your trader friends like this?
