The divided opinion of the forex world around the current state of eurousd is a prime example of a major support resistance.
Whether you think it will go up or down, both can seem right at this point. So just be careful and limit losses. These are definately one of those times to sit and watch. If you are intraday trading it doesn't matter much to you. Just go on doing what you do. But if you trade longer than intraday, you should be well ready to take a loss at any direction
The only worrying thing I have on the daily and weekly charts is that the recent uptrend is founded on lower volume. A breakout should always be accompanied by increasing heavy volume for it to be valid. But who knows... maybe the volume will pick up next week.
Either way, since I'm already in a position, I'm having very tight stoplosses. I want to get out until a clearer picture forms -_-. Hopefully it happens this week.
Whether you think it will go up or down, both can seem right at this point. So just be careful and limit losses. These are definately one of those times to sit and watch. If you are intraday trading it doesn't matter much to you. Just go on doing what you do. But if you trade longer than intraday, you should be well ready to take a loss at any direction
The only worrying thing I have on the daily and weekly charts is that the recent uptrend is founded on lower volume. A breakout should always be accompanied by increasing heavy volume for it to be valid. But who knows... maybe the volume will pick up next week.
Either way, since I'm already in a position, I'm having very tight stoplosses. I want to get out until a clearer picture forms -_-. Hopefully it happens this week.
