Wagwan traders. The euro has been dominating the weak dollar lately and has now reached the big boy resistance level. This week alone price has attempted to break this resistance 3 times and failed. Price has ended the week being rejected by this resistance , for price to continue falling back down to 1.16000-1.17000 area it needs to break past 1.18500 and 1.18100 first, then in my opinion price will drop like a rock. If price doesn't drop past these levels then it may retest the zone again and most likely break it and move to the upside. So let me know what your predictions are , are you looking for long positions to the upside or do you think this resistance level is stronger than the hulks toe nails and price will go bye bye back to 1.17000 area. xx
Fundamentals of increasing COVID lockdowns in EU & US suggest a drop to the low 1.1500s to complete wave 1 of an impulse down, due to falling equity markets and a rush to what's still the USD safe haven. However, fundamentals sometimes take a while to affect the market and the last COT for EURUSD still shows 200,000+ institutional longs. I'll wait to see how many are still there next Tuesday and then re-access. In the meantime, I'm short this pair for however far down the move is - or isn't!
Cheers!
MasterThePippage
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@Ucsc14, Sounds good broski all up to what price decides to do next week whether it'll break this resistance or not. Best of luck xx
Cheers!