📊TECHNICAL ANALYSIS - DAILY TIMEFRAME
Not long time ago price declined to resistance 2, which coincided with the resistance zone, and soon rebounded up to the trend line, where later price started to decline inside the downward channel. In the channel, the price broke the 1.0940 resistance level and fell to the 1.0765 level, which coincided with one more resistance zone. Later, the price rebounded from resistance 1 and made impulse up to resistance 2, thereby exiting from the channel and breaking the trend line, but soon Euro bounced down and started to fall back. Euro declined until lower 1.0765 resistance level to 1.0685 points, thereby breaking it and the trend line again. But a few time ago price rolled up and at the moment trades near the trend line. In my mind, the Euro can reach the trend line and then rebound and continue to decline. Therefore I set up my target at the 1.0640 level.
📊QUICK FUNDAMENTAL LOOK
The euro is back on the defensive this Friday after relatively dovish Fed comments yesterday overshadowed the euro area GDP miss that highlighting growth concerns within the region. These concerns were supplemented by Citi Bank revising growth forecast down to 0.4% vs 0.8% previously.
⚠️Trading contains elements of risk, please be careful when Making Orders, Market Recommendations are only for consideration