A very high volume wide spread pin bar appeared today during US session at 1.3858 (chart 1).
This is due to EMA 200 on a weekly basis. As already mentioned, Moving Average 200 is common used by investment banks, as they open positions there (chart 2).
The closest resistance level is the zone between 1.34 and 1.35 (chart 3).
Since we have high activity around...
the daily chart of this market will experience with a very high probability a downtrend in the next few days but at the same time it is better to be vigilant of the change towards the opposite direction of the market
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The first july announces the end of the downtrend starting in early June, so we have a hight probability to going testing the 1.2530 in the first time, and if we break the 1.2550 we can go much higher, first Target : 1.2560, second Target: 1.2950
Buyers have passed important sellers zone near 1.2400 with significant volume. Range near 1.2400 is the nearest magnet now. Once retested and rejected we can consider longs with the final target near 1.26500. Note 1.23500 range has to hold to keep structure valid.