EURUSD moved quite and not quite what we've expected based on our weekly forecast.
The price broke higher but without some kind of retracement which we thought it would since it failed to break 1.133 last week.
Since the price climbed early, it is about to face strong resistance in a supply zone coupled with a falling trendline.
Let's wait patiently for the price to reach 1.136 or beyond and look for reversal signal to short.
The price broke higher but without some kind of retracement which we thought it would since it failed to break 1.133 last week.
Since the price climbed early, it is about to face strong resistance in a supply zone coupled with a falling trendline.
Let's wait patiently for the price to reach 1.136 or beyond and look for reversal signal to short.
Comment:
So, apparently, EURUSD is still determined to climb higher to test the supply zone above 1.1360 which overlaps with a 2-months falling trendline.
Let's wait out further into the US session to see if we got a chance to short at a better price within the supply zone.
Let's wait out further into the US session to see if we got a chance to short at a better price within the supply zone.
Although the price is just 10 pips shy from the supply zone, there are signs of a reversal in the shorter timeframe.
Traders may, at this point of time, consider opening partial position OR wait for clearer signs.