DONATE & Share Post Your Content On Smart Money Management

Search This Blog

Sunday, January 31, 2021

EURUSD: The price close to its WEEKLY TRENDLINE

EURUSD: The price close to its WEEKLY TRENDLINE

Hi traders and welcome to my channel, if you enjoy my FREE Technical AnalysisπŸ“ˆ and Trading TipsπŸ“‰, support the idea hitting the LIKEπŸ‘ button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!

🟒Forex Pair:

Technical Analysis:
Since the 6th of January, the price has been moving with a strong downtrend, once it got a rejection on the level at about 1.23500, ending its movement on the support zone at about 1.20500, an interesting level that rejected the price many times in the past.
A couple of days ago, the price re-tested the same zone and it's now very close to its dynamic trendline.
The next price action around that zone will be essential to understand the next market movement.

The price is just moving close to a weekly trendline, failing many attempts to break the support level at about 1.20500.
I'm confindent to see a new re-test of the support zone before getting a new uptrend, breaking through its dynamic descending trendline.
I'll be waiting for a re-test on the support zone before planning my long position on this trade.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,

from Trading Ideas
via gqrds

No comments:

Post a Comment

Follow Our Hourly Post by Email