Continuation of the upward trend in medium term [EURUSD]
- Up trend is moving to the historical resistance at 1.18000 area in short-term
- RSI indicator is about 80 and its a warning of overbought and reversal in short term.
- In short term after touching the resistance at 1.18000 are , there is a high possibility to we have a pullback to the broken resistance at 1.14400 area
- in mid-term next target is at 1.21800 area(
distance from the floor to the ceiling of the previous channel)
- in medium-term and long-term if the price can break the resistance at 1.22000 then we can have a new target at 1.25500 area (next historical resistance in 2014 and 2018 years )
Comment:
if we have a pullback at 1.14400 area and price was supported, it's a good opportunity to set a buy position(sell stop under 1.14400 area)
Trade closed: target reached:
This analysis is valid as long as the price has not lost the support at 1.14400 area.
Comment:
This analysis is valid as long as the price has not lost the support at 1.14400 area.