The Eur/Usd has found previous support going back to 16/17 price area after breaking the late 2017 support of 1.155. The current price is trading at 1.152.
Looking on the Weekly, price action is beginning a reversal in the current downtrend and headed back to the 125 EMA, this price level will act as heavy resistance. A close above the 125 EMA can signal additional buying pressure to re-attempt pushing back thru the 1.185 resistance.
We should look for the green candlestick to close above the 08/06 week, for more confirmation of a reversal. The yellow blocks are highlighting bullish divergence for a redirection in trend.
Volume should be watched closely for the next few weeks. Currently bouncing off the .5 Fib level, entry should be after resistance is broken, with a sell target near the top line of the channel. Look for heavy resistance at the top trend line channel to push back down.
My Indicator Trio (MacD, Stochastic, Trix) are indicating an oversold sentiment and eyeing a reversal in trend.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
Completed 6:21PM (UTC-7) LOS ANGELES
Looking on the Weekly, price action is beginning a reversal in the current downtrend and headed back to the 125 EMA, this price level will act as heavy resistance. A close above the 125 EMA can signal additional buying pressure to re-attempt pushing back thru the 1.185 resistance.
We should look for the green candlestick to close above the 08/06 week, for more confirmation of a reversal. The yellow blocks are highlighting bullish divergence for a redirection in trend.
Volume should be watched closely for the next few weeks. Currently bouncing off the .5 Fib level, entry should be after resistance is broken, with a sell target near the top line of the channel. Look for heavy resistance at the top trend line channel to push back down.
My Indicator Trio (MacD, Stochastic, Trix) are indicating an oversold sentiment and eyeing a reversal in trend.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
Completed 6:21PM (UTC-7) LOS ANGELES