EUR/USD ANALYSIS
💹EUR/USD ANALYSIS💹
EUR/USD is a mixed picture across the weekly, daily and 4-hour time frames. EUR/USD is leaning slightly bearish when taking into account a multi-time-frame analysis.
From a weekly perspective, the price is being pressured at resistance and by the 38.2% Fibonacci retracement level of the prior bearish impulse. This could equate to a downside continuation in the coming weeks and towards prior highs expected to act as a support zone near 1.1420.
The daily chart, however, is on the verge of a test of support that could result in a move back to the upside to test the M-formation's neckline where it meets the 21-day EMA that would be expected to resist on first attempts. A break of the horizontal support, however, will pressure the dynamic and potentially lead to a downside continuation.
#mytradingstory# #BankofJapan# #OPINIONLEADER# #USeconomy# #NewTraders# #FlashNews# #marketoutlook2021# #insightsboard# #Knowledge# #S&P500# #RBNZ-Minutes#
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.