EURUSD / Price just broke Daily support, waiting to enter short

(2020-1-25) EURUSD

Hi Traders,

In this article, we will be looking at the recent break out of the support on EURUSD Daily.

Previously, we can see EURUSD price broke out and held above both the 200MA and the structure resistance Red Zone (roughly 1.1170). However, the market soon reversed and the price once again fell below the structure (Red Zone).

Recently on 23 Jan 2020, price further dropped and closed below the short term structure support near 1.1070 (Blue Zone), which means the market is no longer in an uptrend, Furthermore, the break of support also happened right at the Daily Trend Line support.

We are waiting for an opportunity to get on the short term downtrend with possible targets near 1.1000 and 1.0885.

Gordon @GoreStreetForex