#14 – EURUSD (Update)
Price action of the Monthly Chart, shows that euro is in a bullish rally against the dollar, as you can see price is in a long awaited key level (after 3 years). Additionally, the bearish channel has broken with a strong bullish momentum.
Weekly chart is aligned to the monthly as the long term bearish channel was broken with two key weekly support & resistance levels broken.
The retracement on the Daily trend are false breakout to build a stronger buying momentum. As you can see market tend to pull back heavily after each pull back, and as price raise to a higher level, the pull back gets shorter & less steeper.
A market entry now will put you in a 1:2.3 RR ratio on the 4hour chart, but i wouldn’t want to be entering so fast as there’s a very short leg space before market shows a strong movement.
Hopefully you guys caught some of the rally, I was only in AUDUSD:)
Would love to hear from all of you!