After consolidating for a few weeks, EURUSD overcame 1.190 quite convincingly late in Nov 2020. But the bullish momentum did not last very long and a month later it slipped into consolidation again. This counter-trend equidistant channel has seen bears having the upper hand for the most part, but now we see that price has formed a higher low on a daily closing basis. We still have not seen a higher high and resistance in the 1.2150 region still needs to be overcome.
But I do get the sense that momentum may be starting to shift towards the bulls and I will be monitoring price action on this pair to see more evidence of this.
Next resistance to an up move will come up in the area around 1.2320 and overcoming this will open a target in the 1.250 region. As long as there is no daily close below 1.190, my bias is cautiously bullish.
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But I do get the sense that momentum may be starting to shift towards the bulls and I will be monitoring price action on this pair to see more evidence of this.
Next resistance to an up move will come up in the area around 1.2320 and overcoming this will open a target in the 1.250 region. As long as there is no daily close below 1.190, my bias is cautiously bullish.
If you like my analysis please give it a “thumbs up” and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.