TECHNICAL ANALYSIS:
-Since the end of November, the market was pushing up in a really strong up trend, it lost his strenght only one week ago, when it bounced back on the resistance line at 1.21804;
-It started then falling down following a nice Descending Channel, completed on the 10th of December, bouncing back on the support at 1.20702;
-The price is following now a potential Rising Wedge, it will probably fall down soon.
CONCLUSION:
I aspect the price falls down for several reasons, the Rising Wedge is usually a Reversal Pattern, the price is actually so close to bounce again on the resistance line, VOLUMES are decreasing and the price is definitely OVERBOUGHT.
I previously explained why the EURUSD Market is going SHORT soon, even with bigger Time Frames, you can check it out on my profile, I'll share the link in the description.
I hope this free analysis can be usuful for everybody, please "like" the post and follow my channel if you enjoy my work!
Have a good day and trade safe!
Gianni
-Since the end of November, the market was pushing up in a really strong up trend, it lost his strenght only one week ago, when it bounced back on the resistance line at 1.21804;
-It started then falling down following a nice Descending Channel, completed on the 10th of December, bouncing back on the support at 1.20702;
-The price is following now a potential Rising Wedge, it will probably fall down soon.
CONCLUSION:
I aspect the price falls down for several reasons, the Rising Wedge is usually a Reversal Pattern, the price is actually so close to bounce again on the resistance line, VOLUMES are decreasing and the price is definitely OVERBOUGHT.
I previously explained why the EURUSD Market is going SHORT soon, even with bigger Time Frames, you can check it out on my profile, I'll share the link in the description.
I hope this free analysis can be usuful for everybody, please "like" the post and follow my channel if you enjoy my work!
Have a good day and trade safe!
Gianni
