Attached is the 1H chart of EURUSD. As specified in my article yesterday and something that has been threatening to happen for the past couple of weeks, finally happened. EU finally managed to break through the major resistance at 1.3672. You can see the break happen in the big long bar. Thats how resistances are usually broken, in big long bars.
After the break, the price has gone up to the next resistance level at 1.3782 and is now resting near the same. There has not been much retracement after the break. This signals 2 possibilities. First one is that there might be a retracement into the high 1.36s and close to the broken resistance. Second possibility is that this lack of retracement shows great strength and hence higher prices. For this second possibility to come true, the previous high of 1.3815 needs to be broken. Till that time, we can safely short any approach towards 1.38.
On the downside, the supports are at 1.3750 and then at 1.3680 and i dont see 1.3680 being broken.
On the upside, the resistances are at 1.3815 and then at 1.3920. I expect a bit of retracement today followed by an upmove and dont expect the support at 1.3680 to be broken.
as we are at 1/8 p is this level a strong res
ReplyDeleteon eur/usd and gbp/usd .as we r coming to .618 level ret on daily time frame for eur/usd
1.3850 thank you sir