In the previous analysis, I expected EU to reject from 1.2026 minor level and test the 1.2140 resistance 1 as majority was chasing the sells, which was exactly what the market performed. In today's trading session, I will remain neutral bias as EU once again rejected the 1.2140 minor resistance zone. But be aware of the higher low sequence forming. There are two scenarios that I am expecting
1. Clear break above 1.2140 resistance zone 1 gives us opportunity to do a retracement entry with resistance zone 2 as the initial target (Bullish)
2. I am expecting further pullback to potentially re-test the 1.2060 support zone for further continuation upwards due to the multiple rejections at 1.2140 resistance zone, that could indicate the lack of buyers temporarily (Bearish)
Do not forget the overall trend on the higher timeframe remains bullish.
The key trait to become a successful trader is to avoid following the crowd, be an independent thinker.
Trade safe.
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1. Clear break above 1.2140 resistance zone 1 gives us opportunity to do a retracement entry with resistance zone 2 as the initial target (Bullish)
2. I am expecting further pullback to potentially re-test the 1.2060 support zone for further continuation upwards due to the multiple rejections at 1.2140 resistance zone, that could indicate the lack of buyers temporarily (Bearish)
Do not forget the overall trend on the higher timeframe remains bullish.
The key trait to become a successful trader is to avoid following the crowd, be an independent thinker.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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Previous analysis
