Previous Story
EURUSD is following a downtrend in the 4-Hour chart.
| EURUSD | H4 | ||
| Resistance | 1.1010 | 1.1075 | 1.1116 |
| Support | 1.0905 | 1.0864 | 1.0799 |
| Primary Scenario | EURUSD is following a downtrend in the 4-Hour chart. If the pair manages to extend its momentum, it will breach the support level at 1.0905, targeting the next support at 1.0864 and even lower at 1.0799. | ||
| Alternative Scenario | A bounce up from current levels will lift the exchange rate to retest the daily pivot at 1.0970 and then higher at 1.1010. | ||
 |
GBPUSD | H4 | |
| Resistance | 1.5681 | 1.5727 | 1.5780 |
| Support | 1.5583 | 1.5530 | 1.5484 |
| Primary Scenario | The pair is now oscillating around the daily pivot point at 1.5628. A decisive movement to the south will push the pair to find support at 1.5583 and further down to 1.5530. | ||
| Alternative Scenario | A successful attempt to penetrate the daily pivot will lead GBPUSD to target the resistance at 1.5681. | ||
 |
USDCHF | H4 |  |
| Resistance | 0.9560 | 0.9605 | 0.9664 |
| Support | 0.9457 | 0.9398 | 0.9353 |
| Primary Scenario | USDCHF intends to reach the hurdle at 0.9560. If that happens, the next focus will be the resistance levels at 0.9605 and 0.9664. | ||
| Alternative Scenario | A comeback of the currency pair will lead the market to hit the daily pivot (0.9502) and even lower at 0.9457. | ||
 |
USDJPY | H4 | |
| Resistance | 123.95 | 124.35 | 125.06 |
| Support | 123.59 | 123.24 | 122.92 |
| Primary Scenario | The pair is negotiating near the previous top at 123.95. If USDJPY manages to withstand the sellers’ pressure, it will exceed this level, targeting the forthcoming resistance at 124.35. | ||
| Alternative Scenario | A plunge of the pair will push the rate to violate the Tenkan-sen line (123.59), opening the way down to 123.24. | ||
 |
AUDUSD | H4 | |
| Resistance | 0.7458 | 0.7540 | 0.7593 |
| Support | 0.7324 | 0.7271 | 0.7190 |
| Primary Scenario | AUDUSD turned sharply bearish in the previous session. Further drop of the market will most likely push prices to breach the support level at 0.7324, with immediate target the support at 0.7271. | ||
| Alternative Scenario | An upward wave would fuel the pair to eye the daily pivot point at 0.7406. | ||
The post EURUSD is following a downtrend in the 4-Hour chart. appeared first on Forex Circles.
Source:: EURUSD is following a downtrend in the 4-Hour chart.
