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EURUSD has been overall bearish after hitting the all time high since April, 2008. EURUSD is currently trading in the monthly range, where we have the monthly range support and resistance.
we have our monthly major support at the 0.90434 area.
Technically, the last candle bearish volatility is so strong and capable to break the monthly range support.
Two way bearish idea:
1. Because the market was able to close above the support we may see sudden retracement to golden zone(0.618) fib level before any bearish reaction.
2. The last bearish candle is very volatile may break the monthly range support and possibly may create chance for the bears.
BIAS: Bearish
Always follow your trading plan regarding entry, risk management, and trade management.
Goodluck!
EURUSD has been overall bearish after hitting the all time high since April, 2008. EURUSD is currently trading in the monthly range, where we have the monthly range support and resistance.
we have our monthly major support at the 0.90434 area.
Technically, the last candle bearish volatility is so strong and capable to break the monthly range support.
Two way bearish idea:
1. Because the market was able to close above the support we may see sudden retracement to golden zone(0.618) fib level before any bearish reaction.
2. The last bearish candle is very volatile may break the monthly range support and possibly may create chance for the bears.
BIAS: Bearish
Always follow your trading plan regarding entry, risk management, and trade management.
Goodluck!
