Sale on EURUSD has been going on for over a week. At the beginning of this week the price remained above the level of 1.0720 and tried to end the ongoing demand declines. However it failed and mentioned level was finally broken on Thursday. This successful break caused today dynamic movement down towards the lower limit of the triangle.
EURUSD moves inside the triangle formation since February 2015. As a result of yesterday’s break of support at 1.0720 today tested the lower limit of triangle formation. If the level to which currently price reached will be broken, the last chance for bulls will be support area in region of 1.0500. In this area there is minimum of 2015.
At the moment the baseline scenario for the EURUSD is rebound upward from the lower limit of the triangle (orange lines on the W1 chart). The reflection will be supported by fact that the movement from 1.1280 to 1.0580, which lasts now more than a week has not yet been corrected. Resistance with which the demand will have to face are successively: 1.0720, 1.0820, 1.0960, 1.1140, 1.1280, 1.1470.
