EU Possible One More Attempt to Break 1.107 or Down She Goes
EU is still within its downward sloping channel. However, EU has slowly been inching its way through each fibonacci level and has been fairly stable upward slope and at maintaining each level as it breaks through. The last two attempts it has made to break the 1.107 area has failed TWICE and it is mainly due to the 200 Moving average on the 4H chart. Even though the last two attempts failed... Price action has still maintained its current fib level and appears to be making another test towards to 1.107/200 MA area......which is still a very bullish sign.
If we look at the past three months, 200 MA on the 4H chart was the main point of resistance before sending price action back downward. Yet it is worth noting that for the past couple days price action has been slowly accumulating near the 200 MA resistance ceiling (bullish sign), which would normally mean there would at least be a small breakout towards the 1.11 zone as long as we see some volume very soon.
Overall at this point can scalp up towards the 1.107 and take profits at that area then wait break a breakout or breakdown from 1.107 zone very soon.
If we look at the past three months, 200 MA on the 4H chart was the main point of resistance before sending price action back downward. Yet it is worth noting that for the past couple days price action has been slowly accumulating near the 200 MA resistance ceiling (bullish sign), which would normally mean there would at least be a small breakout towards the 1.11 zone as long as we see some volume very soon.
Overall at this point can scalp up towards the 1.107 and take profits at that area then wait break a breakout or breakdown from 1.107 zone very soon.
