Monthly: ranging, but quite bearish
Weekly: bearish pressure, h&S formed, broke neckline and
it is retesting it now.
---> The USD is showing a bearish out look for next
week...before reversing to the upside, this may favor a rise
of the euro to the area of confluences we identified....be
patient and wait for the right price action to form.
Path of least resistance: trading below 200, 50 and 20
EMA,TL, 20EMA, key line, go against the trend
Confluences:
1. Bounce off a key area
2.0.5 fib (almost reached)
3. deceleration
4.bearish divergence in the daily and in the 1H and
H&S formingon the 1H
Other confluences: fundamental bearish sentiment on the
euro . GBPUSD is forming a similar setup.
Weekly: bearish pressure, h&S formed, broke neckline and
it is retesting it now.
---> The USD is showing a bearish out look for next
week...before reversing to the upside, this may favor a rise
of the euro to the area of confluences we identified....be
patient and wait for the right price action to form.
Path of least resistance: trading below 200, 50 and 20
EMA,TL, 20EMA, key line, go against the trend
Confluences:
1. Bounce off a key area
2.0.5 fib (almost reached)
3. deceleration
4.bearish divergence in the daily and in the 1H and
H&S formingon the 1H
Other confluences: fundamental bearish sentiment on the
euro . GBPUSD is forming a similar setup.