EURUSD: Price seems to have resume back to it long term UPTREND from last year, after reversing from January 2021 high, we saw price put in a few lower highs in the last 4 month following a perfect downtrend line, now price is back above this shortterm downtrend line.
On 28th of April, we saw the first daily close above this shortterm downtrend line, though we had the April monthly close below the trendline, price found support at the significant horizontal zone @ 1.1995 aligning with the shortterm UPTRENDLINE making it a double support, this send price higher at the begining of this month also take out the shortterm downtrendline with several backtest holding.
This is the second week price will be trading above the shortterm downtrendline we've had since the begining of this year, so i'll be using the shortterm UPTRENDLINE from March 2021 low as guide while expecting more UPSIDE on EU.
In this new week 1.2065 will be support, price will need to take out last week high to send price higher and the first level of target or possible hurdle will be @ 1.2240 that's Feburary high, then January high @ 1.2340 we might see a little big of deep reversal here before more upside possibly send price higher to the overall longterm target from last year @ 1.2500.
On 28th of April, we saw the first daily close above this shortterm downtrend line, though we had the April monthly close below the trendline, price found support at the significant horizontal zone @ 1.1995 aligning with the shortterm UPTRENDLINE making it a double support, this send price higher at the begining of this month also take out the shortterm downtrendline with several backtest holding.
This is the second week price will be trading above the shortterm downtrendline we've had since the begining of this year, so i'll be using the shortterm UPTRENDLINE from March 2021 low as guide while expecting more UPSIDE on EU.
In this new week 1.2065 will be support, price will need to take out last week high to send price higher and the first level of target or possible hurdle will be @ 1.2240 that's Feburary high, then January high @ 1.2340 we might see a little big of deep reversal here before more upside possibly send price higher to the overall longterm target from last year @ 1.2500.