There are less than 100 pips that remain until the pair reaches the diagonal trendline (the red line on the screenshot) and at this point there is little doubt that it will eventually go there.
If we examine the monthly time frame we will see that the pair has been consolidating around the middle line of the Bollinger Bands indicator, which can mean both an impending move to the upside, once the EUR/USD reaches that support, as well as a new move to the downside.
Future analysis of the pair depends on that trendline as well as the candlesticks that will form once it reaches that level. For now I intend to wait and see how it will behave without opening any new positions.
Good review!
ReplyDeleteGreat analysis!
ReplyDeleteGood posts, very helpful for all traders.
ReplyDeleteGood point. I'll keep a close eye on it.
ReplyDeleteVery useful information! Thanks.
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ReplyDeleteI agree, it will likely continue falling for now.
ReplyDeleteGood insight.
ReplyDeleteBusy week for Eur/Usd.
ReplyDeleteInteresting post.
ReplyDeleteTaking note of key levels to keep track and follow up.
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