Тhe pair reached the resistance at 1.1530>>>, which is vizualized by (EMA)89 and the upper band of Bollinger Bands indicators on the weekly time frame.
The question is what will follow next?
In my opinion, the pair will probably test this high at least once more, or it will possibly form a new one at 1.1550.
However, I do not think it will break above this strong resistance level right away, which is why I think there will be a retracement. It is difficult to discern how deep this retracement will be, but I think its first target would be around 1.1450.
Also, considering that the pair has been moving in a bullish channel, I think it is possible that after a small correction it will start climbing and its next target would be the resistance line of that channel, around the 1.1650 level.
Good point! I'll keep an eye on it.
ReplyDeleteBullish trend remains firm.
ReplyDeleteNice bullish channel.
ReplyDeleteIt bounced off 1.1615 for now.
ReplyDeleteGood post!
ReplyDeleteGood post!
ReplyDeleteGood analysis!
ReplyDeleteThank you for sharing.
ReplyDelete