ChaosTrader63
Short

EUR vs USD Facing Major Uphill Resistance

FX:EURUSD   Euro Fx/U.S. Dollar
362 0 0
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!
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