EURUSD has been making consistent Lower Highs and Lower Lows for the past couple of months as observed on the daily chart.
The chart demonstrates strong bearish resistance and support where the EURUSD has shown to reverse its trend.
However, EURUSD has recently broken past its strong resistance level and that too by creating a new Higher High on the daily chart.
Comparing the 50 MA with 10 MA, we can also observe that the 10 MA has crossed the 50 MA, after consistently being lower for several months.
These reasons indicate a strong reversal in my opinion.
My prediction is that the price will fall back to the Fib Level 0.618, which I believe is going to be a strong buy zone for EURUSD.
The chart demonstrates strong bearish resistance and support where the EURUSD has shown to reverse its trend.
However, EURUSD has recently broken past its strong resistance level and that too by creating a new Higher High on the daily chart.
Comparing the 50 MA with 10 MA, we can also observe that the 10 MA has crossed the 50 MA, after consistently being lower for several months.
These reasons indicate a strong reversal in my opinion.
My prediction is that the price will fall back to the Fib Level 0.618, which I believe is going to be a strong buy zone for EURUSD.
Comment:
The price is exactly at the long level we defined in this analysis a couple of days ago. The price is at the Fib level I use for buying in price correction.