Important Zones to Look Out On EUR/USD Recent Rally
Updated
EUR/USD has more or less be up and to the right since the 26th of July, is there an end in sight? We are heading towards some hard-to-miss supply zones specifically sitting in 12H wicks of our original breakdown region at 1.08953, which is our target for the Euro which then I expect some hard resistance.
On the RSI on the 12H it’s hard not to see the lingering hidden bearish divergence, however given the current momentum the likelihood of deleting the divergence and making a higher high is just as probable at this point.
We won’t know until we reach hat 1.08953 area and we see what sort of a reaction there is, I wouldn’t be placing my short orders just yet, I want to wait and see a rejection,
I want the market to tell me what it wants to do, not me telling it what I want it to do.
On the RSI on the 12H it’s hard not to see the lingering hidden bearish divergence, however given the current momentum the likelihood of deleting the divergence and making a higher high is just as probable at this point.
We won’t know until we reach hat 1.08953 area and we see what sort of a reaction there is, I wouldn’t be placing my short orders just yet, I want to wait and see a rejection,
I want the market to tell me what it wants to do, not me telling it what I want it to do.
Note
EUR/USD closing right at our marked level, again, lets see what market open provides. Mostly the Euro is correlated to Gold, when one moves, the other follows, or catches up shortly after. In this scenario both faced quite a bit of upside. Coupled with the downside on DXXY, markets are working like clockwork, EUR/USD currently breaking range highs, Gold breaking range highs, and DXY testing range lows, all looks to me like the perfect equation to long risk on assets.
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