FenzoFx—EUR/USD consolidates after the impulsive bullish momentum. The uptrend initiated after the price swept below the monthly lows at $1.1400. In the current trading session, the price dipped below the previous day's low, meaning the consolidation period will likely extend to a lower support level.
The immediate resistance is at the previous day's high, the $1.159 resistance. From a technical perspective, we expect the currency pair to trade lower, near the support at $1.146, the bullish break of structure.
This level can provide a discounted price to join the dominant trend, which is bullish. We expect the Euro to rise toward $1.169 after the end of the consolidation period.
The immediate resistance is at the previous day's high, the $1.159 resistance. From a technical perspective, we expect the currency pair to trade lower, near the support at $1.146, the bullish break of structure.
This level can provide a discounted price to join the dominant trend, which is bullish. We expect the Euro to rise toward $1.169 after the end of the consolidation period.
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Knowledge Should Be Free – And So Is Your Path to Trading Success.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.