The resistance at 1.1285 turned out to be incredibly strong – EUR/USD has been testing it for two weeks and keeps reaching it without being able to break out above it.
If the pair does break out above it I think that without a doubt it will aim for 1.1450 – 1.1500.
We need to watch how the daily bar will close today: in case it closes as a pin bar higher than the last few daily bars, that would be a signal that the pair will continue moving north in the next twenty-four hours. However, if it closes as a “hanging man” bar, without that bar forming higher than the last few daily bars, we could expect a deeper correction to the downside, which would give the market the opportunity to accumulate enough liquidity to attack the monthly resistance at 1.1450 – 1.1500.
Today is the big day ECB Monetary policy statement and press conference.
ReplyDeleteLet's see what effect the fundamentals will have on it.
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteGood insight.
ReplyDeleteGood post!
ReplyDeleteGood article!
ReplyDeleteVery good analysis.
ReplyDeleteVery interesting! I'll keep an eye on it.
ReplyDeleteA small gap up.
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