EU on an Area of Confluence
Updated
1W TF:
EU's price action is currently sitting on an area of confluence - slope resistance and multi year support. A break of this level would somehow make
bears retest the 1.2200 zone.
4H TF:
Having a long bias in mind, I'm still long on EU with DXY still on a strong downtrend. Looking at the area of interest marked in the chart, I'm hoping to add some long positions.
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Caveat!
EU's price action is currently sitting on an area of confluence - slope resistance and multi year support. A break of this level would somehow make
bears retest the 1.2200 zone.
4H TF:
Having a long bias in mind, I'm still long on EU with DXY still on a strong downtrend. Looking at the area of interest marked in the chart, I'm hoping to add some long positions.
Follow me to get updates on my entries!
Caveat!
Note
MY USD Bias Would still be bearish until the February High resistance is broken and then retested as a support. The next immediate resistance is the Monthly PP which was rested last week but bears are still on the look out. And if you observe the candles on the 1H TF, so many bull exhaustion. Note
The dollar index found a nice immediate resistance. This served as a major hourly support last week. Before the London session started the hourly candle came through it again and tested it. If the hourly major support at 89.60 breaks. The next target support if price action still continues to go down would be 89.40. Remember that our last target was that trendline support (marked in purple) it was broken during the Asian session.
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