After a long devastating rejection since January 2021, the EURO/USD finally resurrected from the dead.
Note: This analysis is in a 2-monthly timeframe so do not consider this a short-term trade setup.
A -22.85% rejection from the resistance was brutal for the EURO/USD in the long-term view. After almost 2 years, the EURO/USD has bounced back from a historical supporting trendline. This looks good from a long-term perspective and I believe we may see some positive moves in the coming new year. In a lower timeframe(3-6 hours), the EURO/USD is dropping down which is quite obvious and it must be a bearish situation if you are a bull and you are scalping or playing in the short-term market. Overall, EURO/USD looks good for now.
What do you think? Share your views in the comment section.