EUR/USD continues moving downwards and moves strictly within the descending channel. According to the weekly chart, the price rejected the 50% Fibs after which it started to print new lower highs and lower lows.
Yesterday, the price rejected the upper trend line of the ascending channel and immediately dropped lower. Overall, there are no signs of a potential longer-term trend reversal to the upside and the downtrend is very likely to continue.
Consider selling EUR/USD while the price is between R1 (1.0890) and R2 (1.1000), targeting a potential double bottom that could be formed near the 1.05 support level. Stop loss should be just above R3 (1.1120 - 61.8% Fibs).
Support: 1.0750, 1.0500
Resistance: 1.0900, 1.1000, 1.1120
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for January 08, 2016 . Thanks for your support.
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