EURUSD touches the SUPPORT line and GROWS

5 feb 2021

In December last year, the price increased strongly and was able to break through the resistance line at 1.196, after which it moved for several months using this line as a support.

However, at the beginning of this week the price dropped and first broke through the resistance line at 1.208. And then the resistance zone at 1.205. This zone has existed on the chart since December last year and was formed at price lows in the area of ​​the resistance line.

After the breakout, the price, as we can see, first worked out a small correction to the zone and then continued to fall. The price is halfway to the support line. This is a strong line that emerged in February 2020.

And I expect the price to touch it first at the point 1.192. However, after that it will push off and start a new growth towards the resistance zone. Thus, my final target is the 1.205 resistance zone.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻