Yesterday, I gave two levels to go long EURUSD from. 1.1130 breakout, or on a pullback, 1.1074.
1.1130 was a strong resistance zone and indeed, price attempted a breakout but came down. 1.1074 buy would have worked for 30 pips but it did move lower.
Bearish price action, but trend is still up (EURUSD sold nicely to the BZ). What's for today? Lots of resistance above. IMO EURUSD should re-test 1.1098 strong level and decision to be made then on the next direction; 1) whether the down move yesterday is indeed a change in trend, that is, we should see a rejection and a move lower, or 2) yesterday's move is just a pullback before further upside, that is we see 1.1098 break for a move to 1.1130 and further to 1.1170 and 1.120 by next week.
1.1130 was a strong resistance zone and indeed, price attempted a breakout but came down. 1.1074 buy would have worked for 30 pips but it did move lower.
Bearish price action, but trend is still up (EURUSD sold nicely to the BZ). What's for today? Lots of resistance above. IMO EURUSD should re-test 1.1098 strong level and decision to be made then on the next direction; 1) whether the down move yesterday is indeed a change in trend, that is, we should see a rejection and a move lower, or 2) yesterday's move is just a pullback before further upside, that is we see 1.1098 break for a move to 1.1130 and further to 1.1170 and 1.120 by next week.
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Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.