The EUR/USD pair fell from its minor resistance zone on a 30 minute time frame. The price is trading near the 50 day (shown in green), and above the 100 day (shown in yellow) moving averages which suggests the bullish trend is still in play. The price is facing some downward pressure.
The bullish pattern of complex reverse Head and Shoulder is still in play however; if the price does breaks the 1.2911 level then this pattern will no longer be valid. The EUR/USD pair is also forming another bullish pattern, which is an ascending triangle on the same time frame.
The RSI is showing a clear sign of deflection in relation to the price action, which means that bias could be to the downside.
EUR/USD M30" title="EUR/USD M30" width="1441" height="736">
Important Levels
Support Zone
1.2902-1.2874 Minor
1.2686-1.2653 Major
1.2770-1.2743 Major
Resistance Zone
1.3239-1.3191 Major
1.3115-1.3100 Major
1.3050-1.3034 Minor
1.2997-1.2975 Minor
DISCLOSURE & DISCLAIMER:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam