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Pair has tested again the 1.5000 level, and retreat to current price, yet daily charts show bullish trend remains healthy, with indicators back up, and price moving above 20 SMA. RSI rebound in the 50 line, momentum cutting downside up the 100 line, all support the retest of the 1.5050/60 area, where we still have our roof. Could turn into a triple roof, or just nothing but a consolidation stage in the middle of the upside trend if we get a daily close above that level.
Anyway, 4 hours charts indicators seem a bit exhausted to the upside, a downside correction will find supports at 1.4920 and 1.4880, while resistances from current price are 1.4990, 1.5020 and the 1.5060 area.
Dear Val,
What is ur opinion about eur/usd in this week end or next weak, going upward 1.5100, 1.5200 or retreating towards 1.4800, 1.4700
plz comment
ur commnts are valueable
Hi Adnan, the fact is that what I see it consolidating, yet still bullish. Thus the pair is having a hard time to clearly overcome the 1.5000 area, the fact is that we are too close to discard a break higher. above 1.5100, next target zone is likely the 1.5350 area, while only under 1.4620 bias can change
Regards
Val