TECHNICAL ANALYSIS:
-Since the 2006, after the market moved bullish reaching a level at about 1.6000, it started bouncing on a strong support zone at about 1.21810, breaking several times the ema 50 and losing slowly the strenght to break the previous level.
-In July 2012, the support level rejected one more time the price, moving it up until it reached a new resistance zone at about 1.4000;
In that moment, the momentum and volatility were really strong, enough to push the price in a downtrend movement, breaking our strong previous support level;
During the next two years, the market created a clear double bottom pattern, breaking the new resistance level and also the ema 50.
-Since the 2018, the price has been moving in a side trend, swinging and bouncing between a new resistance and support level, it just retested the support a couple of months ago and now it seems to move up trying to reach the next step: resistance zone at 1.4000.
CONCLUSION:
The market is actually moving in a side trend,it just retested the support level and close to reach the resistance zone. I aspect a new downtrend correction soon, it will probably reteste the same support level before moving up in a strong bullish movement.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
If you would like to checkthe EURUSD H4 Time Frame View, check here below in my "Related Ideas"!
Trade Safe,
Gianni
-Since the 2006, after the market moved bullish reaching a level at about 1.6000, it started bouncing on a strong support zone at about 1.21810, breaking several times the ema 50 and losing slowly the strenght to break the previous level.
-In July 2012, the support level rejected one more time the price, moving it up until it reached a new resistance zone at about 1.4000;
In that moment, the momentum and volatility were really strong, enough to push the price in a downtrend movement, breaking our strong previous support level;
During the next two years, the market created a clear double bottom pattern, breaking the new resistance level and also the ema 50.
-Since the 2018, the price has been moving in a side trend, swinging and bouncing between a new resistance and support level, it just retested the support a couple of months ago and now it seems to move up trying to reach the next step: resistance zone at 1.4000.
CONCLUSION:
The market is actually moving in a side trend,it just retested the support level and close to reach the resistance zone. I aspect a new downtrend correction soon, it will probably reteste the same support level before moving up in a strong bullish movement.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
If you would like to checkthe EURUSD H4 Time Frame View, check here below in my "Related Ideas"!
Trade Safe,
Gianni
