ChaosTrader63

EUR vs USD Facing Major Uphill Resistance

Short
FX:EURUSD   Euro / U.S. Dollar
1
The EUR vs USD is facing major uphill resistance at key levels. Currently the market is sitting right below the Weekly Pivot @ 1.28885. This level will be a level of resistance in the short term future in order to see more upside. The R-1 level sits @ 1.29795 which is near the psychological S&R level of 1.30000. This level has been a key S&R level in the past for this pair. The current short term trend downwards from 1.32417 to 1.27961 has a 50% fib level of 1.30189 so with this information there is major resistance between the R-1 level and the 50% retracement level. The next level of concern is the R-2 level @ 1.31211 and finally the Kumo @ 1.31854. The Kumo level was recently approached and bounced off of 3 times before this prior downward move. Currently price may make a correction and attack the 50% retracement level which can be short term counter trend trading but for the more long term high probability outlook I would need to see the Kumo resistance level violated @ 1.31854. That's the area where weakness was observed so strength would mean a break of that level. Short positions should wait to see what the market is going to do at the fractal support level @ 1.27774. If price violates this level the pair could face some major downside but with observance of this level we could see price attack the Kumo. Observe these major S&R levels when entering your trades. Have a great trading day & God bless!

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.