FXtrades-gp

EURUSD: The price close to its WEEKLY TRENDLINE

Long
FX:EURUSD   Euro / U.S. Dollar
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🟢Forex Pair:
EUR/USD

Technical Analysis:
Since the 6th of January, the price has been moving with a strong downtrend, once it got a rejection on the level at about 1.23500, ending its movement on the support zone at about 1.20500, an interesting level that rejected the price many times in the past.
A couple of days ago, the price re-tested the same zone and it's now very close to its dynamic trendline.
The next price action around that zone will be essential to understand the next market movement.

🔴Conclusion:
The price is just moving close to a weekly trendline, failing many attempts to break the support level at about 1.20500.
I'm confindent to see a new re-test of the support zone before getting a new uptrend, breaking through its dynamic descending trendline.
I'll be waiting for a re-test on the support zone before planning my long position on this trade.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

Comment: As expected the price is just re-testing the support zone! keep this pair in your watchlist!
Gianni

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Comments

I love this analysis
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, many thanks!
Reply
A well-developed analysis!
+1 Reply
@abel11 I’m really glad to hear that Abel !
Reply
Maybe dxy make it hard but eur index may rise so it is possible and nice chart
Thanks for sharing
+1 Reply
FXtrades-gp MMBTtrader
@MMBTtrader that’s true ! I really appreciate your feedback 😁👌
Reply
Amazing chart here
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, I'm glad you like that, thanks a lot!
Reply
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