EUR/USD TECHNICAL ANALYSIS
September 2/2021
Dollar weakens against the Euro causing the bulls to dominate the EURUSD currency market.
So far this week trading session as recorded a bullish gain of over 95% twice larger than the previous week trading profits.
Market participants are however the key factor behind the bullish moves that was recorded in the market. And apart from the traders reactions to the positive price action. market volatility was said to have sky rocket during the trading sessions.
In general support and resistance level were closely observed as they determine the Main area of value for taking a position, and for the case of EUR/USD Support and resistance level has indeed make trading decisions a lot easier.
While going down to the market analysis in terms of technical and indicators analysis you will clearly see that on the 4 hr time frame market has been displaying a continuous bullish flag indicating that the bulls are in charge of the market. Yet it should be noted EUR/USD price is aiming a target towards bringing price to the July 20 most recent highs. Hence market participants are in response to it actions.
In addition to this, if price should hit this level forex traders must be ready to take their profits because at this point the market will be in an overbought condition, likewise the RSI indicator is presently above 60.
Trading recommendation EURUSD is likely to be facing a resistance at 1.18812 hence a good trading decision will be to close any position upon reaching this level.
To prevent yourself from suspicious brokers I choose WikiFx to research brokers:
September 2/2021
Dollar weakens against the Euro causing the bulls to dominate the EURUSD currency market.
So far this week trading session as recorded a bullish gain of over 95% twice larger than the previous week trading profits.
Market participants are however the key factor behind the bullish moves that was recorded in the market. And apart from the traders reactions to the positive price action. market volatility was said to have sky rocket during the trading sessions.
In general support and resistance level were closely observed as they determine the Main area of value for taking a position, and for the case of EUR/USD Support and resistance level has indeed make trading decisions a lot easier.
While going down to the market analysis in terms of technical and indicators analysis you will clearly see that on the 4 hr time frame market has been displaying a continuous bullish flag indicating that the bulls are in charge of the market. Yet it should be noted EUR/USD price is aiming a target towards bringing price to the July 20 most recent highs. Hence market participants are in response to it actions.
In addition to this, if price should hit this level forex traders must be ready to take their profits because at this point the market will be in an overbought condition, likewise the RSI indicator is presently above 60.
Trading recommendation EURUSD is likely to be facing a resistance at 1.18812 hence a good trading decision will be to close any position upon reaching this level.
To prevent yourself from suspicious brokers I choose WikiFx to research brokers: