Price action over the course of the last few months continues to be held hostage within the 1.181 and 1.131 region. As it stands at the time of writing price action is trading towards the 1.131 consolidation support level with strong signs of indecisive market sentiment.
As the week progresses I will be looking to see if we can recover from the current lows and potentially look to work our way back towards the upper level of our consolidation resistance. From here we will see price either break above resistance or be rejected back to the downside
Given the prominent bullish presence on the smaller hourly timeframes an the wick rejection from the 1.13188 level; I anticipate some bullish action going into the next trading day.
Price action has come off a huge significant sell off from the highs of 1.14175 and this is not to be ignored. The strength of the 2hr candle closure could surely continue to put selling pressure on the euro back towards the downside. Only time will tell
Trade safe.
As the week progresses I will be looking to see if we can recover from the current lows and potentially look to work our way back towards the upper level of our consolidation resistance. From here we will see price either break above resistance or be rejected back to the downside
Given the prominent bullish presence on the smaller hourly timeframes an the wick rejection from the 1.13188 level; I anticipate some bullish action going into the next trading day.
Price action has come off a huge significant sell off from the highs of 1.14175 and this is not to be ignored. The strength of the 2hr candle closure could surely continue to put selling pressure on the euro back towards the downside. Only time will tell
Trade safe.