DredDine

EUR/USD Downside Pressure!

Short
FX:EURUSD   Euro / U.S. Dollar
• The EUR/USD closed the gap, but it ran into resistance at 0.9980 and crashed again. The price failed to retest the downtrend line, indicating that there is significant downside pressure.

• It has fallen below the 0.9899 static support once more, but the weekly S1 (0.9880) has stopped the sell-off. The bias remains bearish as long as it remains below the downtrend line.

➥ CONCLUSION: A valid breakdown below the S1 (0.9880) and a bearish close below it triggers further declines and may bring short opportunities. The S2 (0.9810) stands as a potential downside target and obstacle.

Good Luck Traders!

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