Here's my take on the EURUSD, from the technical perspective of a swing trader.
On the daily time frame, price action is consolidating along an ascending trendline (black) seen on the monthly time frame. Presently, price action is disposed northwards and we may see bulls target the immediate horizontal resistance around the 1.16470 area. A northward move is likely to be maintained as long as the ascending trendline holds on a daily closing basis. However, this should be seen in the context of a ranging market.
Personally, I am stepping aside from this market. I am not going to be taken in by any bullish mode. I will wait for a good bearish setup at an area of value.
I may be wrong. Trade safe and prosper.
KP
On the daily time frame, price action is consolidating along an ascending trendline (black) seen on the monthly time frame. Presently, price action is disposed northwards and we may see bulls target the immediate horizontal resistance around the 1.16470 area. A northward move is likely to be maintained as long as the ascending trendline holds on a daily closing basis. However, this should be seen in the context of a ranging market.
Personally, I am stepping aside from this market. I am not going to be taken in by any bullish mode. I will wait for a good bearish setup at an area of value.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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