MT4 - Thursday & Friday EURUSD price action can only be described as a roller coaster. Fridays US payrolls and comments from Europe halted the bears and became the trigger for a short squeeze that ran until 1.2446 (today's high). The bearish indictors that were noted on Thursday were neutralized on Friday but also bulls gather the numbers to break 3-month downtrend resistance.
The first levels of resistance lie at 1.2446 (intraday high), 1.2685 (June 19th high & June 20th low), 1.2754 (June 20th high), 1.2826 (22nd May high), 1.2906 (support turned resistance), 1.3066 (8th May high), 1.3081 (gap high), 1.3122 (2nd May low), then 1.3179 (7th May pivot high).
While it is possible that sideways range trading may persist for a while, we still believe that eventually the next major move will once again be lower. Next levels of supply located at 1.2327 (multi-July tops), 1.2160 (13th July low), 1.2046 (25th July low), 1.2000 (psychological support) then 1.18670 (7th June low), and 1.1772 (30th Dec 05’ low).
MT4 platform and analysis courtesy of Swissquote bank.
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