In yesterday's analysis, I expected EU to re-test the bottom band of the flag pattern/ 1.2140 minor resistance before further selling pressure steps in, which was exactly what the market performed. In today's trading session, will try to remain neutral bias as the market is relatively slow. As price has now crossed and stayed below the 150ema, that could indicate short-term weakness in EU, sending it back to 1.2060 & 1.2010 key support zones. However, if we notice sudden bullish momentum pushing price above 1.2150 minor resistance OR above the 150ema, that could signal strength in EU, invalidating the short-term sell setup.
Do not forget the overall trend on the higher timeframe remains bullish, we're trying to capitalize and profit from the short-term bearish sentiment in the market.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Do not forget the overall trend on the higher timeframe remains bullish, we're trying to capitalize and profit from the short-term bearish sentiment in the market.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Comment:
Previous analysis
