Forex Market News

EUR/USD Seems to be Correcting Down to the key

The oil price is being corrected up in the middle-term downtrend. Expect until the correction finishes and there is a sell pattern after the Target Zone 2 [54.36 – 53.91] test or after the test of the resistance at [56.03 — 55.58]. Oil is trading up in the short-term uptrend. The price rolled back to the support at Additional Zone [53.64 – 53.53] yesterday. This is the signal to enter long trades on the correction with a target to break through the high of October 11 and reach Target Zone [56.03 – 55.58]. Alternative scenario: the breakout of the trend key support [52.71 – 52.48] and price consolidation below. In this case, the short-term trend will reverse downwards. The downside target will be the lower Target Zone [50.46 — 50.01].

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