The EURUSD went on a 25% decline in 2014 through to 2015. WIth such a steap drop in only
a matter of months, it was only natural that price would fall into a long period of consolidation.
The consolidation period lasted much longer than anticipated. It lasted for 7 years and we eventually
saw price break through the consolidation support in July this year. Price even declined below the
1.0000 round number only to come back up and retest the support turned resistance level at 1.0462.
If this is just the beginning of a long-term bear trend then we should eventually see a reversal at the
current resistance level.
The EURUSD does trend really well, and in a short period of time so if a trend does unfold, it will require
you to be alert and ready as a trend in the forex market can be easily missed.
The current resisatance level also has the daily 200 simple moving average acting as resistance. The first contact
was made on November 15th and again on November 23rd.
All signs are indicating impending weakness. Keep following our posts for continuous updates.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
a matter of months, it was only natural that price would fall into a long period of consolidation.
The consolidation period lasted much longer than anticipated. It lasted for 7 years and we eventually
saw price break through the consolidation support in July this year. Price even declined below the
1.0000 round number only to come back up and retest the support turned resistance level at 1.0462.
If this is just the beginning of a long-term bear trend then we should eventually see a reversal at the
current resistance level.
The EURUSD does trend really well, and in a short period of time so if a trend does unfold, it will require
you to be alert and ready as a trend in the forex market can be easily missed.
The current resisatance level also has the daily 200 simple moving average acting as resistance. The first contact
was made on November 15th and again on November 23rd.
All signs are indicating impending weakness. Keep following our posts for continuous updates.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
