The EUR/USD is trading slightly better but well off the top at the mid-session. Following a prolonged move in terms of price and time from the January 4 bottom at 1.2997, the Forex pair appears to be ripe for a near-term correction.
The first level of support today is the old top at 1.3308. This is followed up an uptrending Gann angle at 1.3237. On the upside, the first level of resistance is a 50% price at 1.3491.
Daily EUR/USD Chart
Support and resistance are not as important at this time as the chart pattern. A close under 1.3343 will form a daily closing price reversal top. This move often leads to the start of a two to three day break equal to at least 50% of the last rally.
Based on the rally from 1.2997 to 1.3403, a new retracement zone was formed at 1.3200 to 1.3152. If a closing price reversal forms and there is a follow-through to the downside then traders should look for a break into this zone.
Since the main trend is up, buyers are likely to show up in this zone looking for value.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น