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#EURUSD has broken through a major support level in 1.1500. Will the price continue to fall in line with the USD strength?
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Weekly Chart
The price of EURUSD has broken through a major support level in 1.1500 after the US CPI data came in above forecasts. This has pushed inflation up further for the US well above the Federal Reserve’s targets of 2%. This could see the Fed act sooner than anticipated or at least lead investors to think the Fed may hike more than once next year.
The weekly chart of EURUSD shows the strong downtrend with the price looking to push towards the next major level of support at 1.1400. If the price moves to this level we could look for further short opportunities on the lower time frame.
The 4hr Chart
As we can see from the 4hr time frame the price is forming a bearish trend, if the price continues we can look for further bearish trading opportunities. Now the price has made this new low on the 4hr time frame we want to be able to identify where the lower high could form.
Looking at the price the obvious place would be the key level the price has broken out of at 1.1500. However, these levels often act as zones and we could see the market break back above and test 1.1550 we could see sellers enter at this point.
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