Good morning, everyone!
The new week is opening with a local correction and it is obvious that the instrument is overbought. But there is no rush to open short positions, as the pair is trading near 1M trendline which is a very strong resistance and a lot of squeezes might happen nowadays:
Look at the 1W timeframe:
EURUSD has a remain a strong trend, but couldn't close above 1M trendline.
More Local 1D timeframe:
To conclude, keep an eye on local trendlines to break and I will update this post if anything changes, but for now I am waiting for a correction to start, so I can find a good entry for short.
GOOD LUCK!
The new week is opening with a local correction and it is obvious that the instrument is overbought. But there is no rush to open short positions, as the pair is trading near 1M trendline which is a very strong resistance and a lot of squeezes might happen nowadays:
Look at the 1W timeframe:
EURUSD has a remain a strong trend, but couldn't close above 1M trendline.
More Local 1D timeframe:
To conclude, keep an eye on local trendlines to break and I will update this post if anything changes, but for now I am waiting for a correction to start, so I can find a good entry for short.
GOOD LUCK!
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Related publications
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.