Euro / U.S. DollarUpdated EURUSD Trade Idea
In yesterday's analysis, I discussed about EU could potentially re-visit 1.2176 resistance level (22th & 25th Jan high), which was exactly what the market performed. In today's trading session, I will be favoring short-term selling opportunities as the currently price action of EU seems more corrective, which could be an exhaustion pattern sending price lower. There are two setup that I am looking at
1. If we notice further selling pressure as price fails to go above 1.2176 resistance zone, a breach of the flag formation could expose 1.2060 & 1.2010 support zones (Bearish)
2. If we see more bullish momentum stepping in violating 1.2176 resistance level, that could send price towards 1.2220 minor resistance zone (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. If we notice further selling pressure as price fails to go above 1.2176 resistance zone, a breach of the flag formation could expose 1.2060 & 1.2010 support zones (Bearish)
2. If we see more bullish momentum stepping in violating 1.2176 resistance level, that could send price towards 1.2220 minor resistance zone (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.