Hello everyone!
-On daily chart, we can see that the price was moving in a descending channel and then the breakout happened and the price reached almost 1.5000 zone but then the price was strongly rejected and then the price started moving rapidly in a bearish direction.
-Now the price tested support zone last two days and then the price rejected that zone with bearish candles with long lower wicks, now the price is sitting at 1.11054 level.
-On stochastic indicator, we can see that the price is near the overbought area and we can see that indicator shows us that the price might continue moving in a bearish direction.
-On a daily base, EUR is weaker than USD and on a weekly base, USD is still stronger than EUR.
-If USD remains stronger than EUR then we can expect further bearish movement and IF EUR gains more power and USD loses some power then we can expect bullish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
-On daily chart, we can see that the price was moving in a descending channel and then the breakout happened and the price reached almost 1.5000 zone but then the price was strongly rejected and then the price started moving rapidly in a bearish direction.
-Now the price tested support zone last two days and then the price rejected that zone with bearish candles with long lower wicks, now the price is sitting at 1.11054 level.
-On stochastic indicator, we can see that the price is near the overbought area and we can see that indicator shows us that the price might continue moving in a bearish direction.
-On a daily base, EUR is weaker than USD and on a weekly base, USD is still stronger than EUR.
-If USD remains stronger than EUR then we can expect further bearish movement and IF EUR gains more power and USD loses some power then we can expect bullish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.