EUR/USD, we could see 1.0500 once again!?
What a mess on Friday, wow!? For a long time I didn’t see the market moves like that. It’s not easy to analyse the pairs after the Brexit referendum, the charts are preaty unclear and I think that traders are still in some kind of shock. But, in the EUR/USD weekly chart, there is a technical indication which is in favor of the bears under the 1.1150, who are probably aiming the 1.0500 level. But, are they strong enough to reach that? Well, if they can’t do it now, they will never will. Watch this resistance wich starts at 1.1050 > 1.1100/50 the stronger one. If that can holds the buyers, we could see more decline toward the 1.0500 support once again and if the bears can reach that, they will try to go lower toward 1.0200 for sure!
Btw. Take a quick look at my EUR/USD analysis from May 11. 😉
Forex Trader 