EURUSD going down but watch for 1.0720

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EURUSD has dropped heavily after surging up to 1.0950 zone. USD went strong in new 2016 and we can see a sell off in USD correlated pairs. Technically we have 2 POC's to watch for. POC (L3, trend line, 38.2 resistance) comes in 1.0855 zone while POC2 (H3, trend line, X cross) comes in 1.0905 zone and we can expect a rejection if the price gets within the zone. However if the pair break 1.0785 with a strong momentum and H1/H4 close below it we could see 1.0720 where the pair might bounce.

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