Recently price has achieved the resistance at the area of 1.20800, where we have seen price rejected. Price has been rejected into a range which has lasted for the last 3 trading weeks. Price is still currently holding above the daily 20EMA and the ascending trendline.
We are currently being patient with this pair for price to show continuation to the upside with a break of the 1.20800 resistance area, or for price to show bearish movement with bearish market structure to the downside.
For a bearish move we would need to see price break the daily 20 & 50 EMA's, ascending trendline and 1.16300 support area. This would open room to the downside.
The weekly candle has closed as a spinning top which does not help with the direction indication. Price is not indicating bullish or bearish, however a new spinning top can be expected due to price being in a sideways range.
Chart: EUR/USD D1
It may even reach 1.1600.
ReplyDeleteI'll keep your assessment in mind.
ReplyDeleteHelpful analysis, thank you!
ReplyDeleteGood posts, very helpful for all traders.
ReplyDeleteThanks for such an informative article.
ReplyDeleteGood post. Very helpful.
ReplyDeleteThe pair is consolidating below 1.18.
ReplyDelete