In this edition of DecaPip Daily, I would like to look at the EUR/USD after yesterday’s large reversal and what it could potentially mean for the rest of the trading week.
After reaching 1.0955 yesterday with a large gap down in the Asian session, the EUR/USD quite incredibly managed to reverse all the losses and make a high of 1.1280 in the late European session. This pair is printing one of the more extraordinary daily candles on a EUR/USD price chart we have seen in sometime.
We first focus on the technical levels, with 3 levels of Resistance and 3 levels of Support.
1.1272 Resistance 1
1.1420 Resistance 2
1.1610 Resistance 3
1.1110 Support 1
1.0980 Support 2
1.0740 Support 3
In the chart below, we can see a Weekly time frame chart. One key point to mention is that we still have a lower high on the weekly candle, meaning that we still are below the candle high from the previous week.
So even after yesterday, the picture is still very unclear, even after the rather amazing Daily candle printed.
