EURUSD: An Expected Extension Of The Short-Term Trend And Drop Towards The 1.081 Closest Temporary Support Level

Looking at EURUSD’s Chart, we can climb from the 1.088 level to the 1.093 on the 7th of April, but since it could not consolidate it fell to the 1.0855 range on the 8th of April. It attempted to reclaim the 1.093 the following day but failed again, leading to a return to the 1.086 range. Earlier today it broke down from the 1.086 support level falling lower into the 1.082 where it was last found trading, having the closest temporary support level at 1.081 and 1.086 acting as closest overhead resistance. 

Today we can expect an extension of the short-term trend and a fall towards the 1.081 closest temporary support level, possibly near the 1.08 longer-term support level.

If however, it manages to consolidate at the current level then a climb towards the 1.086 range can be expected. 

(Click on image to enlarge)

EURUSD

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