EUR/USD- Bounced 233 Pips From Our Identified Level, What Now
AvaTrade | Mar 07, 2014 06:42AM ET
The EUR/USD bounced from its support on a 60 minute time frame as identified. The pair is up over 233 pips up from its support zone which was given in our analysis on the 3rd of March . The price has pierced through the minor resistance with a huge spike and now it is trading in a major resistance zone and we could expect a pullback soon. The RSI is also trading in the oversold region and it is also showing a negative divergence in relation to its price action which means that the strong bias could be for a correction. The ADX indicator is also confirming the same argument.
However, we should be aware the uptrend is extremely strong and the price the has not broken the upward trend line, so the pullback may not be that much.
Important Levels
Resistance Levels
1.3892-1.3869 Major
1.3974-1.3944 Extremely Major
Support Zone
1.3707-1.3692 Minor
1.3653-1.3639 Major
h3 Disclosure & Disclaimer:/h3The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam
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