EUR/USD - Price Has Reach Trendline, Bounce of Break?
Updated
Hello Traders!,
Coming to the end of this trading week, we've seen a lot of fundmentals move the market with the FOMC interest rate decision, USA jobless claims and GDP reports m/m for countries such as Japan and Great Britain.
What Is The Market Telling Us?
Coming to the end of this trading week, we've seen a lot of fundmentals move the market with the FOMC interest rate decision, USA jobless claims and GDP reports m/m for countries such as Japan and Great Britain.
What Is The Market Telling Us?
- On the higher timeframe we still see strong bullish sentiment, although there has been strong rejection around the 1.4000 level
- Our current timeframe we see price rejected 3 times at our resistance zone, bringing it down to our previously respected trend support
- There is a bearish cross with the 14EMA sloping significantly, which can indicate a break of our trendline support
- Although, overall market environment is bullish, therefore if we see a third bounce off our trendline, bullish sentiment is still validated
- Since we have 2 different scenarios, for our BUY side, we should wat for a clear bullish candle/signal upon touching our trendline support
Before we look to SELL, there must be a break of our trendline, followed by a clear pullback with bearish signal ahead
Trade closed: target reached
Reached my 50PIP target, then price seemed to reverse and break trendline support
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