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Monday, February 08, 2021

EURUSD: The price is MOVING inside the FALLING WEDGE

EURUSD: The price is MOVING inside the FALLING WEDGE

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🟒Forex Pair:
EUR/USD

Technical Analysis:
Since the 6th of January 2021, the price has been moving following a strong falling wedge pattern, few bounces on its dynamic lines confirm the validity of the pattern.
On the 17th of January, the price reached and got a rejection on a strong daily S/R zone at about 1.20600, breaking through it on the 2nd of February 2021.
The bearish impulse continued until the support zone at about 1.19500, level where the price got a quick rejection.
It is currently re-testing its previous S/R zone, very close to its dynamic resistance line and the next price action around that zone will be essential to understand the next market movement.

πŸ”΄Conclusion:
The price is currently very close to its dynamic resistance of its falling wedge and in the h4 time frame we can see it moving under the ema 200.
I'm confindent to see the price falling down until the main S/R zone at about 1.19500.
I'll be waiting for a better entry point close the dynamic resistance level , before getting a short 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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