EURUSD is behaving like it going to go south for a little bit, let me explain,
The price as hit a very strong resistance, the 1.10 level, and is rejecting a couple other major chart elements,
I'm going to look for entries on H8 - H12 and D1 and help EURUSD get to the 1.04 - 1.05 Level first, then back to the 1.00 Level is further selling pressure
The reasons are the following :
1) Price has rejected the psycholigical level of 1.10
2) Price has retested and rejected the Trendline of a massive correction that happened between 2017 and 2022 (the red trendline)
3) Price is rejecting the 50% Fib retracement of a the huge downtrend that occured between may 2021 and October 2022
4) All of this is confirmed by last week's closed weekly candle, that is making a beautiful pin bar, after it did a false breakout to go and get liquidities from the 1.10 Level
All for this is constituting a case in favor of a drop of the euro, I will look to short it until it shows any strong signs of reversal on the different levels mentionned above, the 1.05 level, the 1.00 level, and eventually, the 0.95 Level
Don't hesitate to leave a coment or ask if you have any question
Cheers and trade safe!!
The price as hit a very strong resistance, the 1.10 level, and is rejecting a couple other major chart elements,
I'm going to look for entries on H8 - H12 and D1 and help EURUSD get to the 1.04 - 1.05 Level first, then back to the 1.00 Level is further selling pressure
The reasons are the following :
1) Price has rejected the psycholigical level of 1.10
2) Price has retested and rejected the Trendline of a massive correction that happened between 2017 and 2022 (the red trendline)
3) Price is rejecting the 50% Fib retracement of a the huge downtrend that occured between may 2021 and October 2022
4) All of this is confirmed by last week's closed weekly candle, that is making a beautiful pin bar, after it did a false breakout to go and get liquidities from the 1.10 Level
All for this is constituting a case in favor of a drop of the euro, I will look to short it until it shows any strong signs of reversal on the different levels mentionned above, the 1.05 level, the 1.00 level, and eventually, the 0.95 Level
Don't hesitate to leave a coment or ask if you have any question
Cheers and trade safe!!
Trade active
Comment:
grinding down still!