The EUR/USD pair has bounced from its support zone on a 30 minute time frame as predicted. This support zone was given in our analysis on 9th of July. The price is still trading within the downward channel and this upward move could be capped by the upper line of this channel which is acting like a downward trend line.
However, the price is trading above the 50 day (shown in green) but below 100 day (shown in yellow) moving averages which mean that there is shift in momentum and the bulls are taking the control.
The RSI is not trading in line with the price action which means that the bias could be towards the upside.
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Important Levels
Resistance Level
1.3521-1.3488 Major
1.3393-1.3431 Major
1.3250-1.3214 Minor
1.3028-1.2991 Minor
Support Zone
1.2821-1.2793 Minor (Not Valid)
1.2770-1.2743 Major
1.2686-1.2653 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam