Saturday, January 23, 2021 9:33 AM EDT
Last week I pointed out the price of EURUSD could reach $1.20800 level and bounce back to $1.21793. The price indeed reached $1.20800 and bounced on Monday back up.
In the middle of the week price found sellers pressure so it returned back down to $1.20800. From there sellers have cashed out and buyers took the second turn to move higher.
By the end of the week the price had reached the $1.21793 level where it stopped and made a bearish signal - Friday, when the market prepares for the weekend which means traders are getting out from their trades.
Those were buyers who took the profits from this bounce that started from $1.20800.
For the next week I am waiting for the price to make a move. If the price closes on a daily basis above $1.21793 I am expecting to reach $1.22700 level where it could find resistance.
From there we could see pullback down to $1.21793.
If the price does not manage to close above $1.21793 we could see the price moving down to $1.20800. There we need to wait what the price will do. Will it break below and target $1.20000 or will it stay inside the uptrend channel where currently is.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
more
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained in this article, is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.
less
How did you like this article? Let us know so we can better customize your reading experience.
