Price Close to Major Resistance Level Around 1,15

FX:EURUSD   Euro / U.S. Dollar
73 3 4
Price is closing in on major resistance and initial target
of long positions: Monthly R1/YearlyS1 confluence resistance
at 1,1465-85 and the Weekly Kijun line at 1,1530, the latter
adding resistance in depth. A strong candle piercing these
levels with a close above, will likely set price going to the
next target, the 61,8 fib of larger bearwave, and just below
that Monthly R2 at 1,1750. However, a strong sell off at the
next resistance level , may indicate the end of a first larger
leg up. Any short entry orders should have the stop at least
above the Kijun Sen at 1,1530. A better option is to look for
a key reversal or some other sell signal on daily chart or
even intraday, to reduce risk.
thank you..
Any rise above the 15.30 area will - as well - violate the outer descending channel which has been in place since 2 July 2014. That's going to be tough. Time is running out and the DXY is likely to reverse when it hits 93
Off-topic : I couldn´t resist to think on Disney's King of the jungle movie ...
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