The EURUSD pair has broken its support zone on a 30 minute time frame. The price is trading below the downward trend line and below the 50 day (shown in green) and 100 day (shown in yellow) moving average. There is no major or clear pattern formed on this time frame either.
The volatility for the pair is high as well as the price is trading far enough from its 20 day moving average and it is also piercing the Bollinger band. However, this piercing may not have much important because the price has already broken its support zone which suggests further weakness for the pair.
The RSI is trading in line with the price action which means bias could to the downside but caution should be considered as the price is trading in an oversold territory of the RSI.
EUR/USD M30" title="EUR/USD M30" width="1423" height="741">
Support Zone
1.2865-1.2841 Major
1.2912-1.2898 Minor (NOT VALID)
Resistance Zone
1.3050-1.3034 Minor
1.3191-1.3239 Minor
1.3282-1.3328 Major
DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.
by Naeem Aslam