EU recently had a downwards breakout of the ascending channel, indicating short-term bearish sentiment in the market. The current condition of EU is sort of range bound, be aware that we could expect some short-term choppiness in the market. In today's trading session, I will be favoring short-term selling opportunities, these are two scenarios that I'm looking at
1. As price has rejected the 1.2176 level multiple times on the 4h, we might see some rollover towards the downside with 1.2060 & 1.2010 support zones as targets. Be aware that price could visit 1.2215 minor resistance zone before sellers step in (Bearish)
2. If price begins showing sign of strength breaking above the 1.2215 resistance zone, I'll be looking for a possible break & re-test setup (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. As price has rejected the 1.2176 level multiple times on the 4h, we might see some rollover towards the downside with 1.2060 & 1.2010 support zones as targets. Be aware that price could visit 1.2215 minor resistance zone before sellers step in (Bearish)
2. If price begins showing sign of strength breaking above the 1.2215 resistance zone, I'll be looking for a possible break & re-test setup (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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