The trend lines and the Bollinger Bands indicator very clearly showed how deep the downward movement would go and once the pair reached that level it began decisively moving north.
Today the pair reached a strong resistance level around 1.2300 – 1.2320.
In case it breaks out above it we could expect a rally toward the next resistance zone around 1.2390 – 1.2410.
To the downside we can expect a test of the support zone at 1.2200 – 1.2180.
The fact that the pair keeps moving to the upside and that it still hasn’t broken out above the low of the pin bar from 1st March 2018 at 1.21543 is an unambiguous signal that the expectation for a final rally to 1.26+ continues being valid.
It's quite bullish indeed.
ReplyDeleteVery helpful analysis.
ReplyDeleteIt seems that bulls eased around 1.2350.
ReplyDeleteAs always, very detailed report.
ReplyDeleteGood to know, thanks!
ReplyDeleteGood post!
ReplyDeleteGood insight.
ReplyDelete