Has EURUSD reversed the trend?
Updated
Yesterday we saw price spiking in both directions.
First we had bounce of support and price reaching 1,1900, but then we had a downside impulse and a breakout of previous lows.
This is definitely not how we expect an uptrend to move.
However, we still can't say that there is a reversal and therefore to enter short trades.
From current market levels it's more likely to see price going up again,
but considering the drop that we had it's much better if we wait for a confirmation.
Watch out for European market open.
If we see price up at 1,1900 again, then that would be a signal that there is in fact strength in price to continue higher.
While price is above 1,1800 we're not looking for short positions.
Follow how this situation will develop in our daily analysis here!
Support us with follow, like and leave a comment down below!
First we had bounce of support and price reaching 1,1900, but then we had a downside impulse and a breakout of previous lows.
This is definitely not how we expect an uptrend to move.
However, we still can't say that there is a reversal and therefore to enter short trades.
From current market levels it's more likely to see price going up again,
but considering the drop that we had it's much better if we wait for a confirmation.
Watch out for European market open.
If we see price up at 1,1900 again, then that would be a signal that there is in fact strength in price to continue higher.
While price is above 1,1800 we're not looking for short positions.
Follow how this situation will develop in our daily analysis here!
Support us with follow, like and leave a comment down below!
Note
EURUSD before NFP! What to expect?
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