Saturday, November 14, 2020 9:37 AM EDT
In the previous analysis I have pointed out that the two things can happen.
- the EURUSD pair could reach $1.19000
- and then make a pullback to $1.18200.
Both points were realized last week in just one day, on Monday.
The price did not stop at the $1.18200, but it broke through the uptrend channel support line. It stopped at the $1.17500 level and bounced back to the uptrend channel support line.
It seems that the range area between $1.17000 and $1.19000 is still holding the price from moving up or down.
Since the price broke below the uptrend channel support line and it bounced back to the same level I am now open to sit and wait. The reason is that the price is in the middle of the range area and it stopped at the uptrend channel support line. I do not see strong enough bullish candles that could point a move back to $1.19000.
Last week bearish candles seemed much stronger which tells me that there are sellers still waiting to prevent the price from moving higher.
I am more open to waiting for the price to reach the $1.17000 level and from there look for bullish opportunity.
I am still bullish oriented because the price is above the $1.17000 level and weekly market overview looks bullish.
If the price manages to break below $1.17000 I will see if the market looks bearish before entering into the trade.
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 ...
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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.
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