EUR/USD has
been very bullish for the past several days as the pair finally broke above the
resistance at 1.1200 and continued moving to the upside, eventually reaching a
high at 1.1321. That move to the upside, however, might stall temporarily, as
the pair bounced off the aforementioned high and while doing so formed a pair
of very telling candlesticks on the four-hour time-frame, namely a shooting
star and a hanging man. Considering that signal I’d say that it is very likely
for EUR/USD to start moving to the downside again, if only temporarily. The
first target is probably at 1.1210 – 1.1200, and a breakout below that level
could lead to a further drop towards 1.1150, which is (MA)89 on the four-hour
time-frame.
It's consolidating sideways for now.
ReplyDeleteThanks for the analysis, it's very helpful!
ReplyDeleteThe pair is holding above 1.13 level.
ReplyDelete