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Good morning, everyone!
The new week is opening with a local correction and it is obvious that the instrument is overbought. But there is no rush to open short positions, as the pair is trading near 1M trendline which is a very strong resistance and a lot of squeezes might happen nowadays:
Look at the 1W timeframe:
EURUSD has a remain a strong trend, but couldn't close above 1M trendline.
More Local 1D timeframe:
To conclude, keep an eye on local trendlines to break and I will update this post if anything changes, but for now I am waiting for a correction to start, so I can find a good entry for short.
GOOD LUCK!
The new week is opening with a local correction and it is obvious that the instrument is overbought. But there is no rush to open short positions, as the pair is trading near 1M trendline which is a very strong resistance and a lot of squeezes might happen nowadays:
Look at the 1W timeframe:
EURUSD has a remain a strong trend, but couldn't close above 1M trendline.
More Local 1D timeframe:
To conclude, keep an eye on local trendlines to break and I will update this post if anything changes, but for now I am waiting for a correction to start, so I can find a good entry for short.
GOOD LUCK!
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