EURUSD: Rising from Bottom of Range; Approaching Supply Zone
EURUSD has climbed for the 2nd consecutive days and is about to approach its previous high at 1.1215.
Based on the previous wave of rising trend, the price is expected to climb beyond 1.1215 and test the supply zone just above 1.1220.
As of now, the price might experience a short period of consolidation between 1.1190 and 1.1160.
It would not be a good price to make any trade since its trading in the middle of the 1-month range between 1.1260 and 1.1120.
Wait for the price to break out of the consolidation and test the supply zone from 1.1120 onward and look for selling opportunity.
We will continue to monitor and observe the development of the current rising trend for the time being.
Based on the previous wave of rising trend, the price is expected to climb beyond 1.1215 and test the supply zone just above 1.1220.
As of now, the price might experience a short period of consolidation between 1.1190 and 1.1160.
It would not be a good price to make any trade since its trading in the middle of the 1-month range between 1.1260 and 1.1120.
Wait for the price to break out of the consolidation and test the supply zone from 1.1120 onward and look for selling opportunity.
We will continue to monitor and observe the development of the current rising trend for the time being.
Comment:
It seems that the current wave of rising trend is moving just exactly what we are expecting. Let's continue to wait.