EURUSD reversed and climbed throughout the entire week but faced strong resistance as it approached the top of a bearish flag.
The price has been consolidating within a bearish flag for the past 6 weeks since the plunge from 1.15 to near 1.06.
The current bearish trend is no doubt part of the 6-week consolidation and should not be recognised as a newly established bullish trend.
Moreover, the price is also trading within a major falling channel started since May 2018 and the consolidation is slowly bringing the price closer to the top of the channel.
This week, the price is most likely to reverse and fall again, either right from the beginning of this week or after a fake-break of the top of the bearish flag.
Nevertheless, the price is definitely facing strong resistance base on the current price action, and also the fact that it's currently trading within the moving averages while just below the 200MA.
The price has been consolidating within a bearish flag for the past 6 weeks since the plunge from 1.15 to near 1.06.
The current bearish trend is no doubt part of the 6-week consolidation and should not be recognised as a newly established bullish trend.
Moreover, the price is also trading within a major falling channel started since May 2018 and the consolidation is slowly bringing the price closer to the top of the channel.
This week, the price is most likely to reverse and fall again, either right from the beginning of this week or after a fake-break of the top of the bearish flag.
Nevertheless, the price is definitely facing strong resistance base on the current price action, and also the fact that it's currently trading within the moving averages while just below the 200MA.
