The price continues to move above the historically strong resistance level. As mentioned last time, it rallied from the zone and secured itself on the support line in the area of 1.209. And now it has come to the resistance line 1.217. This resistance line has existed on the chart since July and during these six months the price has touched it more than five times but has never been able to break through. Therefore, I still don't expect the price to rise above the line.
It is important to keep in mind that after months the price moves in an uneven uptrend. At the end of November, it was able to break through a very strong support level at point 1.196 - the last time this level was broken out in 2018. Both the level itself and the nearest line give the price good support.
However, now I expect the price to start falling from the resistance line and fall into the support zone around the level and line.
And this is a great reason to open a sale trade. I never tire of reminding you of the importance of SL - set it around 1.222. This will help if the price corrects to the line.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
The EUR/USD seems to have completed a shallow wave 4 (purple) retracement. The current momentum and pullback pattern is probably a wave 1-2 (orange).
A bullish breakout (green arrow) above the resistance (orange) confirms the uptrend continuation. The main targets are located at 1.2250, 1.2350 and even 1.25.
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EUR/USD Prepares for Bullish Breakout Towards 1.2250EUR/USD remains above the 21 ema support zone. This indicates that an uptrend is likely to continue above the Wizz 8 resistance zone.
A bullish breakout (green arrow) above the resistance (orange) confirms the uptrend continuation. The main targets are located at 1.2250, 1.2350 and even 1.25.