EURUSD possible upcoming distribution
EU is reaching a significant daily resistance zone between 1.08 and 1.09. If it manages to reach 1.085 we can start seeing some more signs of potential distribution here (+fib 0.618-0.786 area confirmation). After that we'll start looking for SELL positions (preferable once we've broken the upcoming structures to the downside).
If that happens we can see the price reaching 1.066 (or a push to 1.055 is also a possibility) in the upcoming weeks.
However, if we'll see a strong momentum breaking 1.085 and going higher, this setup will no longer be valid and we'll start to look or BUY opportunities.
Happy trading!
If that happens we can see the price reaching 1.066 (or a push to 1.055 is also a possibility) in the upcoming weeks.
However, if we'll see a strong momentum breaking 1.085 and going higher, this setup will no longer be valid and we'll start to look or BUY opportunities.
Happy trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.