The EURUSD pair performed as predicted in my recent two analyses. It rebounded from the lower boundary of the channel and the 50-day moving average, made a brief attempt at the last broken support, and continued its downward trend. However, the momentum appeared to be lacking, as evidenced by the divergence on the RSI and MACD. This was because the price was approaching a high volume area of interest, as indicated on the volume profile chart.
I expect some resistance and consolidation in the market this week, until the price breaks down the 1.060 level and moves away from this region.
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I expect some resistance and consolidation in the market this week, until the price breaks down the 1.060 level and moves away from this region.
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
