The EURUSD: false breakout of 1.0615 support
Bears attempted to break and hold below strong support of 1.0615 yesterday. The price tested this mark and refreshed the previous low, but failed to break it.
Low volumes and weak volatility, false breakout of 1.0615 support — all these are clear signals in favor of correction. Before the correction occurs, bears will most likely test the above mentioned support again.
The test will most likely take place at 10.00, during the release of Germany’s GDP data. If bears fail to break the barrier, the price will rebound up to the targets at: 1.0675, 1.0700, 1.0765.
Medium-term bearish trend will continue if price breaks support at 1.0615. The breakout will open the way to 1.0500.
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