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Sunday, January 31, 2021

EURUSD: The price close to its WEEKLY TRENDLINE

EURUSD: The price close to its WEEKLY TRENDLINE

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🟒Forex Pair:
EUR/USD

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.

πŸ”΄Conclusion:
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.

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

Trade Safe and Responsibly,
Gianni



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