The support level looks too fragile to hold the price
The price line on EURUSD price chart started an ascending wave in early November, which caused the price line on this pair to grow to almost 7.7% until 15th of November, where it reached out to a resistance level at almost 1.04; where the ascending slope of the chart started decreasing and some bearish signals were issued.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The price line is presently pointing to 1.03796 on the EURUSD price chart, which is just below a static resistance level that is shown in light green and is anticipated to contain a large number of sell orders given that it has already been able to dump the price line cleanly. The trend line for the last bearish wave is shown on the chart as a red descending line. This trend line has already been significantly broken, as seen on the chart, and a corrective phase appears to be extremely likely to occur over the next few days. The price line is expected to decline to the support levels below, thus traders should put short bets on the aforementioned static support zones at 1.00000 and 1.967543 after that.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.