EURUSD price action on the daily time frame put on a bullish mode on Monday last week but went sideways between Tuesday and Wednesday. On Thursday it regained a bullish mode to retest the 1.11690 intra-day horizontal resistance. However, there was no bullish follow-up on Friday as price action printed a doji-like candlestick. Although we may still see further northward move in the early part of this week, there is a decline in directional momentum as price action tackles the 1.11690/1.12620 horizontal resistance zone (purple), seen on the weekly time frame. The zone contains the 61.8 Fib retracement of the bearish swing traceable to May 2021.
I may be wrong. Trade safe and prosper.
KP
I may be wrong. Trade safe and prosper.
KP
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