A few hours ago, the Euro rose to a 1:1 level with the dollar. But now it has fallen again. I expected that it had already broken through the support level and there would be an upward movement. But, as it turned out, it's too early to rejoice.
Rococo_XVII posted: A few hours ago, the Euro rose to a 1:1 level with the dollar. But now it has fallen again. I expected that it had already broken through the support level and there would be an upward movement. But, as it turned out, it's too early to rejoice.
I think the price will try to make a breakout to the upside. We had two breakouts, false one. Currently indecision are is still preventing the price in clear direction
The price reversed from that demand zone and formed a strong bullish engulfing candle that took the price back to downtrend channel resistance line which is a small confluence of resistance with supply zone at $0.98300.
Higher price level where we can expect the price is around $0.99134 which is the first strong resistance for the price.
On a weekly time frame and monthly time frame we have a price in between support and resistance level where a bullish scenario is likely on a short term.
Finally I saw a great rollback. Finally euro against to dollar is more then 1:1. Finally everything is back in place. I believe that no fall is expected in the coming days. Most likely the euro will continue to grow.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.