Hello traders, let’s look at EURUSD for today’s daily analysis.
Let’s talk about EURUSD
yesterday it broke out of that small range and it actually retested that maroon trend line but I did not execute since I wanted to wait until price moved to another location. Well here we are.
Price makes this huge bullish candle and then reverses. It did this twice.
And now we are seeing this again for a THIRD time.
Always remember that price likes to repeat itself.
The second confluence is that it is hitting our 50 ema on the hourly. This could act as our resistance.
The third confluence is that this zone we’re in acted as support at one point. As you know, price loves to retest the last broken S/R.
In this instance it was support and now turned into resistance.
If you like this post make sure to follow me for more daily analysis.
Let’s talk about EURUSD
yesterday it broke out of that small range and it actually retested that maroon trend line but I did not execute since I wanted to wait until price moved to another location. Well here we are.
Price makes this huge bullish candle and then reverses. It did this twice.
And now we are seeing this again for a THIRD time.
Always remember that price likes to repeat itself.
The second confluence is that it is hitting our 50 ema on the hourly. This could act as our resistance.
The third confluence is that this zone we’re in acted as support at one point. As you know, price loves to retest the last broken S/R.
In this instance it was support and now turned into resistance.
If you like this post make sure to follow me for more daily analysis.