EURUSD: The price is BOUNCING on the main TRENDLINE
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🟢Forex Pair:
EUR/USD
⚪Technical Analysis:
During the 16th of February 2021, the price was re-testing the main resistance zone at about 1.21500, but a strong bearish candle pushed the price down breaking through its S/R zone at 1.20900.
It is currently moving on an important support zone, and as we can see in the h4 chart, this specific point perfectly match with the main trendline and the secondary trendline.
The next price action around this level will be essential to understand the next market movement.
🔴Conclusion:
As I explained in my previous analysis, I'm still confident to see the price moving up.
I previously expected the price bouncing on the level at about 1.20900 but it collapsed down with no re-test on the support.
The price almost reached the main trendline and I'll be waiting for a proper rejection on the current support level before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/USD
⚪Technical Analysis:
During the 16th of February 2021, the price was re-testing the main resistance zone at about 1.21500, but a strong bearish candle pushed the price down breaking through its S/R zone at 1.20900.
It is currently moving on an important support zone, and as we can see in the h4 chart, this specific point perfectly match with the main trendline and the secondary trendline.
The next price action around this level will be essential to understand the next market movement.
🔴Conclusion:
As I explained in my previous analysis, I'm still confident to see the price moving up.
I previously expected the price bouncing on the level at about 1.20900 but it collapsed down with no re-test on the support.
The price almost reached the main trendline and I'll be waiting for a proper rejection on the current support level before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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