EUR/USD Declines but watch out for support zones💶💵

💶💵EUR/USD Declines but watch out for support zones

💶💵EUR/USD As I wrote previously:

💶💵In my opinion it is on the declines.

💶💵The direction remains unchanged.

💶💵The only thing I want to draw your attention to are the support zones which can be a short term obstacle against declines.

💶💵The resistance zone was determined by the recent peaks

💶💵I have determined three support zones in turn I will describe on what basis they were determined.

The first is based on the fibo 0.382 of the entire downward wave from the 1992 peak to the 2000 bottom. The second is based on the 0.236 of the entire upward wave from the September 2022 bottom to the current peak. The third based on the cluster of two levels. The first is the 0.382 level of the entire upward wave from the September bottom to the current peak. The second level is the 0.786 level of the entire downward wave from the 1980 peak to the 1985 bottom.

💶💵At these resistances I expect a price reaction but the long-term direction remains unchanged.

💶💵The scenario I am playing out is a continuation of declines to the lowest support zone marked on the chart. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

💶💵*Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.

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