Attached are charts for 1H, 4H and daily charts for the same pair, EURUSD. From the 1H charts, it is pretty clear that all down moves have been on low volume and all up moves have been supported by increasing volume. This is a clear indication that everyone favors the price going up rather than coming down.
On the 4H charts, you can see that the price is in the region of strong resistance. We can see several previous highs in this region and hence it would take a lot of effort for price to clear the region. Also, we see another major previous high around 1.4160 which should be the next region of strong resistance. If and when this is broken, we can see price moving to 1.4235 (from daily chart) and then to 1.44.
On the downside, the supports are at 1.41, which is a strong area of support, and then we have supports at 1.4040 and then at 1.40.
On the upside, the resistances are at 1.4120, 1.4160 and then at 1.4235.
I would be expecting an up day today and price should move up after a small retracement.
No comments:
Post a Comment