Hello everyone,
As previously anticipated, months ago, the downtrend for the pair is back in play following a positive shift in the Fed's policy and forecast for the us economy.
Technically:
• The pair is bullish short term, trading inside an upside parallel channel.
• Next resistance is the weekly high at 1.1670.
• Second next resistance is somewhere near 1.1720 where 3 critical points meet:
1- 50 day moving average;
2- Upper band of the ascending channel;
3- Descending trend line from May 21.
• Third and last resistance level should be at 1.1750 where, if reached, the downtrend should resume.
Good luck
As previously anticipated, months ago, the downtrend for the pair is back in play following a positive shift in the Fed's policy and forecast for the us economy.
Technically:
• The pair is bullish short term, trading inside an upside parallel channel.
• Next resistance is the weekly high at 1.1670.
• Second next resistance is somewhere near 1.1720 where 3 critical points meet:
1- 50 day moving average;
2- Upper band of the ascending channel;
3- Descending trend line from May 21.
• Third and last resistance level should be at 1.1750 where, if reached, the downtrend should resume.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading
♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading