My previous EUR/USD signal on 22nd June was not triggered, as there was no bullish price action when the price first reached the support level identified at $1.
last Thursday, I wrote that the technical picture was looking more bullish, but also noted that the price had got close to the big round number at $1.1000 which recently acted as an area of strong resistance. Therefore, I thought there could be an opportunity either long or short – I was not sure which – from reversals at either $1.1029 or $1.0963.
The price reached the lower level but continued falling with no bounce, so this was not a great call, but it was at least enough to prevent any losing trades. The technical picture now is less bullish after we saw a move down from the $1.1000 area over recent days and a stronger US Dollar. However, since bouncing at the support level at $1.0848, the price has been ascending weakly in what looks like a bullish retracement – the impulsive movement seems to be downwards.
The price is now rising weakly from the support level at $1.0899 which is very confluent with a round numberline of least resistance is upwards. I think that if the price again rejects $1.0899 bullishly after the London open, there could be a long scalping opportunity here, but the price is unlikely to move much today as it seems set to be a very quiet Monday.Ready to trade our
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