EURUSD: The price close to its WEEKLY TRENDLINE

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

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.

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.

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

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

Related Ideas


I love this analysis
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, many thanks!
A well-developed analysis!
+1 Reply
@abel11 I’m really glad to hear that Abel !
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 😁👌
Amazing chart here
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, I'm glad you like that, thanks a lot!
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