EUR/USD has
been moving to the upside for the past month or so, and while the trend remains
very bullish the pair found some resistance at 1.1680 and bounced off from
that level after forming a number of candlesticks that indicated such a move to
the downside, namely a pair of shooting star candlesticks, a clear doji and a
hanging man candlestick, all formed on the four-hour time-frame. The move to
the downside continues for now and its first target on the way down will likely
be at 1.1600, a support that coincides with the (MA)89 indicator on the
one-hour time-frame. A breakout below that level could likely lead to a further
drop towards 1.1550 – 1.1500 again.
Let's see whether it will break out below 1.1630.
ReplyDeleteThe pair is pushing higher.
ReplyDeleteCorrection movement after the pair found support at 1.1650.
ReplyDelete