Hello Traders, EUR/USD has rebounded strongly just after touching the 100-day EMA level. The rebound was fueled by the FOMC event yesterday.
Technically, this is a bullish sign. There is no resistance until 1.0980 level, so we can expect price to reach the 1.0980 level soon. Keep in mind that this is a very weak resistance, so if there is enough bullish impulse, this resistance may be broken soon.
A stronger resistance lies at 1.1140 which is our first target for selling
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Price seems to be going through a pullback, it is likely that the FOMC-induced spike will be faded
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Witnessing heavy selling pressure, the spike is being completely faded here
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Selling pressure still visible, price testing 100day EMA level.
@emillyricci, I appreciate your feedback, thanks for your comments :)
FXCM
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This analysis on EUR/USD is quite insightful, highlighting a recent bullish response after testing the 100-day EMA. It's a good strategy to note the potential for the price to reach and possibly breach the 1.0980 resistance. Keeping an eye on the stronger resistance at 1.1140 for potential selling opportunities aligns well with classical resistance-turned-support trading tactics. It will be interesting to see how the price action develops, especially if the momentum you’ve spotted continues. Do you have a plan for a scenario where the 1.0980 level proves stronger than anticipated, or if unexpected bearish signals emerge?
TomasRadek
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Hi, I have already sold it. Do you recommend to book profit?
KaltoireCapital
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@TomasRadek, Yes if you feel satisfied with the profits, you can book it :)