and is now at a critical level, because if you take a look at the monthly time frame chart you’ll notice this is a strong resistance zone for the EUR.
Today the pair renewed its rally after dropping with about 130 pips yesterday, but for the moment it hasn’t formed a new high.
Right now there are two main scenarios:
If the EUR manages to remain above 1.17767 (the high from 27th July 2017) it is possible for the rally to continue and for the third wave to lengthen.
The second scenario could occur after a period of struggle between the bulls and the bears, which will affect the bars being formed and then there could be a drop to 1.11 or lower.
It is very bullish indeed.
ReplyDeleteResistance can be found around 1.1760/80 zone.
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteImportant levels to consider!
ReplyDeleteGood insight.
ReplyDeleteGood post!
ReplyDeleteExcellent Analysis! Thanks.
ReplyDelete