trading in a support zone once again on a 30 minute time frame. This support zone may not hold as the price is visiting this level for the third time which suggests that there is more selling pressure than buying pressure. The EUR/USD pair is also trading in a downward channel and has been unable to break this channel so far. This further strengthens the above argument.
Bull Scenario
The price is trading above its 50 day (shown in green) moving average and near its 100 day (shown in yellow) moving average. The RSI is making higher highs in relation to price action therefore, the bias could be towards the upside.
Important Levels
Support Zone
1.2876-1.2841 Minor
1.2770-1.2743 Major
Resistance Zone
1.3239-1.3191 Major
1.3115-1.3100 Major
1.3050-1.3034 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