EUR/USD at 1.19 Ready to Test Structure Support Level at 1.17
Description: As the Euro / U.S. Dollar fails multiple times to successfully reach for 1.20 in the last and current week, a 4-hourly moderately down-sloping trend line forms, projecting that if price action continues below it and is unable to break it, then by Jul 14 at most price will have been pushed all the way down to the next daily structure support level at 1.17, accounting for a retreat on the Euro back to Apr 1. By then, it is expected that buying pressure comes along and pushes price up enough to make figure failure above 1.16, but if price consolidates at 1.16, then further selling pressure can be expected down to 2020 mid-Covid levels (below 1.14).
Current reset price figure level: 1.19000 (Short)
Current support price figure level: 1.18000 (Retreating)
Current resistance price figure level: 1.20000 (Advancing)
Projected reset price figure level: 1.17000 (Long)
Projected support price figure level: 1.16000 (Advance)
Projected resistance price figure level: 18000 (Retreat)
Current reset price figure level: 1.19000 (Short)
Current support price figure level: 1.18000 (Retreating)
Current resistance price figure level: 1.20000 (Advancing)
Projected reset price figure level: 1.17000 (Long)
Projected support price figure level: 1.16000 (Advance)
Projected resistance price figure level: 18000 (Retreat)
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