How far down will EUR/USD go?

 How far can we expect the EUR/USD market to go down?

By

Edward M. Hamman

Senior technical analyst

Wadafox Trending

24 April 2020

12:19

So we have reached the end of the week, unfortunately. Already can't wait for Monday to come...

So I have had a limit order in for a while now but the market has not yet reached that far down.

The day RSI has not yet reached the oversold level, and the moving averages are in a downtrend still, but how far down can we expect the market to go?

Fig.1

In the above image, the market is clearly in a downtrend still, the RSI has yet to reach the oversold level, and there is a good support level to come. Yesterday's blog on the support level that became resistance (1.07840 level), is still a resistance level, so if it can hold, then we can expect the market to move lower, my hope is at the 1.06670 level where I have my limit order in place.

Yesterday's new was not good for either Europe nor the US, regarding the PMI's falling well below 50, but the US did have better figures, so I do expect the market to fall lower. We will only know for sure nearing the end of the day, and I will update this post when different information comes to light.

15:20

The below image shows how important that support level is. It went from support to resistance, back to support. The strength thereof will decide the fate of the bulls and bears: