23 April, 2020 EUR/USD BREAKING THROUGH SUPPORT LEVELS

23 April 2020
11:28

By

Edward M. Hamman

Senior technical analyst
WadaFox Trending

So far, EURUSD broke through the supporting trend line. And as I predicted, it tested the 1.07840 support level.

Until it broke through to raise some concerns:

Again, it is at an early stage that the market broke through the support level, so if the 30minute; 1hr and 4hr charts closes below this support level, then the bears are still pushing down and we must wait before putting in a buy order.

12:22

As per the image below, the market pressed through the support level 1.07840, and in my opinion, that level might go from support level to resistance level, as the bears are still in power.

The image below shows that the previous support level of 1.07840 has acted as a new resistance level. There was a good price action that bounced off that level. This is a good sign that the bears are not done yet. My limit order is set up below this level, and I am hoping that the market will open my order.