Cabana Capitals Blog Technical Analysis Possible breach of support level by EURUSD

Possible breach of support level by EURUSD

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EURUSD is moving towards a support line which it has tested numerous times in the past. We have seen it retrace from this line before, so at this stage it isn’t clear whether it will breach this line or rebound as it did before. If EURUSD continues in its current trajectory, we could see it reach 1.0763 within the next 6 hours.

Supported by Downward sloping Moving Average

Target: 1.0763 Entry: 1.0806 Stop: 1.0832

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