After ECB Interest rates Statement Release EURO Pairs Bounces Up Like a Rocket. It has Broken Above Long lasting Resistance. Now Seeing the Bost in EURO i Believe it would Go More UP. But If the Resistance which acting as Support now the Whole Longs Scenario Would be Negated.
EURAUD traded down to the daily level around 1.609 and reacted sharply. You'll notice that it made another sell off attempt on the morning of June 3rd. This failed really quickly and price is testing the 1.632 level over on the 4-hour time frame. Price stalled at this level and should be rallying during the overnight session.
I have been waiting for this to get down to resistance and reverse. Waiting for it to break the middle resistance 1.42522 before I go long. RSI MACD both signaling upwards. A few leading indicators for EUR economy is coming out today, might be worth waiting for those before going in. The only thing I don't like is going long on a trend that is generally short...
