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EUR/USD- Fell From Its Resistance As Predicted- What Now

ByAvaTrade
AuthorAvaTrade
Published 09/20/2013, 02:42 AM
Updated 02/02/2022, 05:40 AM
Focus:

The pair need to break the 1.3591 resistance zone to confirm the uptrend. The immediate term support zone could be near the 1.3354 level.

Strategy in Play

The EUR/USD has fallen from its resistance on a 30 minute time frame as predicted. This resistance zone was given in our analysis yesterday. The price pierced the Bollinger band at this level and the piercing of the Bollinger band does have a significant importance when this takes place at an important level of support/resistance because this has the ability to pause or reverse the current trend. The EUR/USD is trading above the 50 day (shown in green) and the 100 day (shown in yellow) moving average which confirms that the bulls are in strong control.

However, the RSI is showing a clear sign of deflection in relation to the price action which means that the price is making the higher high but the RSI is not confirming the same. Therefore, the bias could be to the downside.

Important Levels

Resistance Levels
1.37.08-1.3676 Major
1.3595-1.3567Minor

Support Zone
1.33354-1.3322 Minor
1.3280-1.3251 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

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