A strong session for the euro against the dollar yesterday after a four-day losing streak led to the completion of the formation of morning star, a bullish configuration which followed a bullish divergence on the 4 hour chart (EURUSD - Between correcting as broken resistance)
movement was compared today have run into resistance around. 1.0965 - a previous support and 38.2% retracement of the move from 10 July 20 July highs down. While this could mark the end of the correction, with 1.0965 being key resistance level, there is reason to believe that this is only temporary and peeling more upside to come.
The first thing is that the price action has found support at 1.0880, the midpoint of the candle yesterday. He made the trade briefly below here, but recovered relatively quickly. Given the strong buying yesterday, this is still a bullish signal as long as it stays above by the end of the day
The other key element is very bullish rebound off of 1.0870 -. A recent level of resistance and the 61.8% retracement of the move from lower this week to highs. Not only did the pair recover all the losses it had suffered, he finished strongly time and created a very bullish candle on the chart 1 hour.
The chart also 4- hour seems pretty optimistic and become more and more if the current candle closes more than two thirds of the way into the candle before the last. This will form a morning star of a key support level, a very bullish configuration.
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