EURUSD - OUTLOOK
Monthly time frame
Price reached a key zone, this downtrend has been in place since Aug 08. On top of that, we have some signals supporting the relevance of this price level.
Price level:
Strong downtrend
Resistance level
Fibo retracement 0.618
Ema 100 - Working as resistance
https://www.tradingview.com/x/Q0KuNkVu/
For sure is a tough zone, the price has been rejected and will retest the 1.19 level.
Zooming in on the daily time frame, we see a false breakout, the RSI overbought with, and bear strong candle rejecting the price out.
We need to see where the markets will move, personally I think the price will retest the 1.19 level and bounce back to 1.15 1.14 level bringing us a buy opportunitIes.
I will be looking for trend reversal signals to short or wait for the breakout to go long. For sure it is an interesting zone to look at.
Wish a good week to all of us. Peace!!!
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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.
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.