EURUSD is breaking the downside resistance
EURUSDÂ daily chart is revealing a break below an important resistance 1.12000 level. This break could produce a more downside and a test of the key 1.11160 level, although we might have a pullback for a broken resistance retest.
On a 4 hour chart, we can see a successful break below the resistance confluence. This is providing an excellent trading opportunity with a good risk to reward short entry. You can place a short trade even at the market with the stop loss above the 1.12000 level targeting 1.11150 level and even trailing the profit further downside into 1.11000 level. ARMAT trading system is indicating a potential 200 pips of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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