forexbillions
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HI every body
I bought EURUSD based on this:
(sorry!!! i cant upload image and link will be removed)
EUR/USD maintains a bullish market structure, carving out higher highs and higher lows since bouncing off 1.0340 . The pair hit a fresh six-month high of 1.1211 last Friday but the rally stalled here as the market reached overbought levels. This was indicated by the RSI reaching 70.
Today’s move lower will eye support at 1.1100. A breakdown of this level would open the way towards 1.1000 and then target the 200-day moving average, currently around 1.0816. A firm break of this support would indicate a reversal in the medium-term uptrend that started from the January 3 low of 1.0340.
The sharp rise of the 50-day moving average, which looks like it is about to cross above the 200-day MA, is giving a strong bullish signal and is supportive of the medium-term bullish bias. A firm break above 1.1200 could see prices target the 1.1300 area.
I bought EURUSD based on this:
(sorry!!! i cant upload image and link will be removed)
EUR/USD maintains a bullish market structure, carving out higher highs and higher lows since bouncing off 1.0340 . The pair hit a fresh six-month high of 1.1211 last Friday but the rally stalled here as the market reached overbought levels. This was indicated by the RSI reaching 70.
Today’s move lower will eye support at 1.1100. A breakdown of this level would open the way towards 1.1000 and then target the 200-day moving average, currently around 1.0816. A firm break of this support would indicate a reversal in the medium-term uptrend that started from the January 3 low of 1.0340.
The sharp rise of the 50-day moving average, which looks like it is about to cross above the 200-day MA, is giving a strong bullish signal and is supportive of the medium-term bullish bias. A firm break above 1.1200 could see prices target the 1.1300 area.
