EUR/USD appears to be reversing, will it drop below 1.08?
1.1080 appears to be a strong resistance for the Euro Bulls. There has been 3 attempts to breach this resistance,
yet the bulls have failed to break it. Price has dropped quite a bit since then. Looking at the price action in
the daily chart, it seems the trend has changed from bullish to bearish and we are currently in the reversal phase.
So, I would recommend traders to look for sell entries in EUR/USD. The first level of interest would be 1.0780. If price
breaks below this level we would see further decline towards 1.0530.
yet the bulls have failed to break it. Price has dropped quite a bit since then. Looking at the price action in
the daily chart, it seems the trend has changed from bullish to bearish and we are currently in the reversal phase.
So, I would recommend traders to look for sell entries in EUR/USD. The first level of interest would be 1.0780. If price
breaks below this level we would see further decline towards 1.0530.