With EURUSD rejections at 1.21716, bears are now feasting on the pair targeting next support level below 1.19000
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With EURUSD breakout of the bullish wedge and for the bullish outlook to continue, the pair needs to rally above recent swing high at 1.21716. If this level is not violated, fibre will likely retest 1.19677, however if this level is violated, a pullback to the bullish engulf candle on 05/02/2021 will be the start of another upward movement for EURUSD.
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Now that EURUSD has breakout of the bullish wedge, the pair could possibly re-test the upper channel of the wedge before the commencement of another impulse wave to 1.23000 or above
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One more leg down remains for fibre before it can possibly break above the bullish wedge. There will be selling pressure on the pair on reaching the upper channel which will likely send to to re-test the low at 1.19679 or lower at 1.19000.
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EURUSD is weakening on the daily timeframe and 2 levels to watch for an increase in selling pressure for the pair are between 1.22000 & 1.23000. EURUSD to revert to its mean.
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GBPUSD started 2021 in bullish wedge on H4, with the pair weakening, a rally towards the upper channel of the bullish wedge might likely be attacked by bears dragging it down to 1.34000 or below
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The rising trendline on H4 that has been keep EURUSD in upward momentum has been broken with the last trading four hours ended in a rejection candle. The pair is expected to make a rally up (possibly towards bearish order candle at 1.22754 level). Any price rejection here could drag EURUSD further down to the long term trendline. However, a close above 1.23653...
Fibre closed this week with inside bar. This could be the first sign of weakness for EURUSD to revert to its mean. Failure for the pair to close above upper week "Close" (at 1.22524) in the next trading week, would finally signalled price reverting to its mean.
...Wishing you all Merry Christmas
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Last two trading days candlestick for EURUSD ended in rejection, this could possibly indicate the pair is ready to pullback to its mean before another run up to 1.23000 as posted in our November 17 post (see below). However, with dovish (or rather a mixed) NFP report last week Friday, market reaction may look unpredictable short-term causing the pair continue its...
With EURUSD breaking out of its bullish wedge, the pair could be ready to "invade the privacy" of 1.23000 level in coming weeks. However, before that, fibre could to either:
1. Re-test its mean (dotted blue line)
2. Re-test support at 1.65 level
3. Continue to rally due to declining dollar index
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EURUSD main trend remains bearish despite the inside bar candlestick observed during last trading hours. The inside bar may likely cause the pair to rally up to test 1.6638 (or above) before starting another bearish movement. If however, the pair towards 1.17000, then we might witness some range movt before the downtrend continues.
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EURUSD now at the level predicted in our Aug 26 post. With the currency pair pretty close to the lower line of the ascending triangle and the ascending trendline, a test of this level most likely will cause the reversal for the fiber
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EURUSD has been strong for some weeks and this likely to continue for few more weeks as the pair is targeting to shoot above 1.21000, however watch out for lower timeframe pullback for a good buy entry
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After successfully breaking the LOW at 1.12125, EURUSD is now targeting to decline to its mean value or the lows at 1.1000 to find a good support. A pullback to test previous low or where liquidity are most likely early next week...
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With last week H4 ended in rejection candle at a critical level of 1.12349 on Friday, EURUS may be ready on a short-term to re-test the recently created bearish order candle at 1.13209. If price is then rejected at this level, then fibre selling pressure may commence.
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- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
