Bears are making their way towards the important resistance level of 1.11354 in the EUR/USD trade.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- EUR/USD bears are moving in at key resistance.
EUR/USD has rallied into a resistance area and there are prospects of a correction as per the following weekly chart analysis:
The weekly chart is leaving a W-formation on the chart and the bulls have reached a resistance area which leaves the focus on the downside. However, the bears will need to be patient and wait for a deceleration of the current rally. The lower time frames can be monitored for this purpose.
The daily chart shows the price leaving behind a W-formation, again, a bearish factor on the charts and a correction could be on the cards with the 38.2% ratio currently lining up with prior resistance.
This is where we are going to see the signs of deceleration as we move into Thursday. On the lower time frames, such as the 15 minutes, this will be even more evident and we can start to draw our key support areas as follows:
The price is moving into a potential distribution phase and a break of 1.1110/1.1090 could lead to a sell-off towards the trendline support and a 61.8% Fibonacci ratio.
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
