FX:EURUSD   Euro / U.S. Dollar
2420 9 38
For those that saw my pre-FOMC chart, price indeed has broken through the 1.10 resistance zone and touched the next resistance zone at 1.1275 where it bounced off. It seems to have found support now around the 1.1870's where we can see some support in the past as well.

The question is what is going to happen next. I see a couple of options here :

- Price retraces further and tests the 1.10 levels which should now have become support
- Price just took a breather and is on it's way to go and test the higher resistance zone around 1.1420s (and complete the nice bat pattern at the same time)
or
- As it is Monday and no important news is announce, we might just see it range between the 1.1180 support and the 1.1275 resistance.

There is some Manufacturing PMI news from major countries in EUR ... depending on the result of those we might see a break below or above those 2 levels. ...

Don't look at the arrows on the chart for the way price should behave ... I just wanted to put some potential moves up there. The matter of fact is, that we have been putting is higher highs and higher lows, and I believe the completion of this bat patter is quite likely ... only do not ask me when it is to happen :)

If you want to trade this pair, I'd suggest you look at the lower timeframes and look at the structure levels ... after all, between the upper resistance level and the 1.10 support level , there are some 300 pips ... I'm sure you can grab some of them :)

Good luck and may the pips be with you. I'll be happy to check your view on this pair !
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Nico, do you think that it will not go more higher??
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Hi Nico well done. My idea ready for 2moro
snapshot
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RobertPapon RobertPapon
very sorry my chart again
snapshot
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that is very much in line with what I predicted ... target should be around 1.10400, so that's about a 100 pips down
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RobertPapon Nico.Muselle
I agree with you, in my opinion, the level of 1.1040 will be very important. Here you get an answer, where the currency pair will head in the medium term. I am glad that we have a similar look. Greetings
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So do I, may the pips be with us ! :D
+1 Reply
RobertPapon Nico.Muselle
Good luck:)
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Brilliant analysis mate. I have a long planned too from that support zone
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Hey, thanks for your response ... I agree that we should find some support in the 1.10's now and go higher .. Personally I am waiting for a retracement into that level to go long
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