EURUSD buyers resume despite rate hike anticipation

FX_IDC:EURUSD   Euro / U.S. Dollar
If you take a look at sell-off, it seems as if price found support at a previous resistance zone that has broken out. Shortly after this, price broke through the zone signifying that the support zone is not holding up. Price is currently testing the zone once again on a bullish 30~ pips open. This is a very high reward to risk short entry. Your stop can be placed above the resistance zone provided that it doesn't hold up. The profits are literally endless given the magnitude of the rate hike. Of course, postponing the rate hike will definitely send the EURUSD             pair higher as it demonstrates a lack of strength in the U.S. economy.

Let's not forget that this bullish move is also touching an ascending trend-line. Since this is a 4-Hour chart, I would say the next 12 hours to 16 hours are critical to see how price reactions as it consolidates between the ascending trend-line and resistance zone . I do not expect this trend-line to play a crucial role in the price action. The rally 1.1021 price level formed this trend-line and so was not an actual test hence why I do not see a strong trend here.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out