EURUSD Local Resistance| Swing High|.50 Fibonacci|MA Confluence
Evening traders,
Today’s Analysis – EURUSD- testing local resistance with equal highs, a move back into Fibonacci levels is probable.
Points to consider,
- Trend impulse
- Double top (Local resistance)
- Support confluence (MA’s & .50 Fibonacci)
- Oscillators diverging
- Volume below average
EURUSD’s immediate price action is impulsive under key local resistance. a double top resistance is likely to be set in upon a retracement.
The immediate support has technical confluence with moving averages and the .50 Fibonacci, back test of this areas is likely to be respected.
Both oscillators are in overextended regions, indication of market momentum to shift in the near term, a retrace will return indicators to neutral trading territory.
The current volume is below average, an influx is probable at key technical trade locations which helps validate the significance of the level i.e. support confluence.
Overall, in my opinion, EURUSD is likely to respect local resistance allowing for a valid short trade with defined risk. Price action is to be used upon discretion and management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“You don’t need to know what’s going to happen next to make money. Anything can happen. Every moment is unique, meaning every edge and outcome is truly a unique experience. The trade either works or it doesn’t.” – Mark Douglas
Today’s Analysis – EURUSD- testing local resistance with equal highs, a move back into Fibonacci levels is probable.
Points to consider,
- Trend impulse
- Double top (Local resistance)
- Support confluence (MA’s & .50 Fibonacci)
- Oscillators diverging
- Volume below average
EURUSD’s immediate price action is impulsive under key local resistance. a double top resistance is likely to be set in upon a retracement.
The immediate support has technical confluence with moving averages and the .50 Fibonacci, back test of this areas is likely to be respected.
Both oscillators are in overextended regions, indication of market momentum to shift in the near term, a retrace will return indicators to neutral trading territory.
The current volume is below average, an influx is probable at key technical trade locations which helps validate the significance of the level i.e. support confluence.
Overall, in my opinion, EURUSD is likely to respect local resistance allowing for a valid short trade with defined risk. Price action is to be used upon discretion and management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“You don’t need to know what’s going to happen next to make money. Anything can happen. Every moment is unique, meaning every edge and outcome is truly a unique experience. The trade either works or it doesn’t.” – Mark Douglas