EURUSD analysis NY - 25.01.2023
What are we seeing here?
-Price went up and reached our coveted 1.09200 zone breaking the previous high found at 1.09100 area.
-It was met by a high resistance at 1.09200 area and fell to establish a new higher high supported by our trendline.
-Note that on touching the trendline, price shot back up to close above the minor resistance at 1.08900 area as though it found support here.
-Looks like price is just consolidating between the zones 1.08400 & 1.09200. The trendline however holding strong and ensuring that we form higher lows & higher highs as if an ascending triangle.
-I am optimistic we will break the 1.09200 area.
-I hope the chart and explanation makes sense to you too.
-Price went up and reached our coveted 1.09200 zone breaking the previous high found at 1.09100 area.
-It was met by a high resistance at 1.09200 area and fell to establish a new higher high supported by our trendline.
-Note that on touching the trendline, price shot back up to close above the minor resistance at 1.08900 area as though it found support here.
-Looks like price is just consolidating between the zones 1.08400 & 1.09200. The trendline however holding strong and ensuring that we form higher lows & higher highs as if an ascending triangle.
-I am optimistic we will break the 1.09200 area.
-I hope the chart and explanation makes sense to you too.
Nota
Look at the difference in areas price support and resistance as per the line chart and compare it with the candlestick chart..
-Huge difference huh?
-I find the line chart more accurate in mapping out support & resistance compared to the candle chart.
Nota
-Place a buy stop above the kangaroo tail around price 1.09025 so that if price breaks above the kangaroo tail it triggers the trade and ride it up to the 1.10000s.-Good luck body.
-Enough of the markets today.
Nota
Played out nice.
Aviso legal
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