[EURUSD, 1/25/2019] Watch the key level: 1.13400-1.13500
After big drop, price is supported near the big upward trend line in D1 since December 21st of 2016, as well as Fibo 78.6 (1.12160-1.15680).
Since upward channel in D1 is confirmed breached, I expect the price to re-test 1.13400-1.13500 level to determine the next big move.
Fundamentally, economic condition in Euro zone does not support EUR to go higher at the moment, unless DXY drops substantially
If price is below 1.13400, short position might be suitable to take profit at 1.12600 (more likely)
If price is above 1.13500, long position might be suitable to take profit at 1.14400
Since upward channel in D1 is confirmed breached, I expect the price to re-test 1.13400-1.13500 level to determine the next big move.
Fundamentally, economic condition in Euro zone does not support EUR to go higher at the moment, unless DXY drops substantially
If price is below 1.13400, short position might be suitable to take profit at 1.12600 (more likely)
If price is above 1.13500, long position might be suitable to take profit at 1.14400
Kommentera:
Daily upward channel is broken. Long positions will be riskier.