#EURUSD - we are bullish (at the moment) - #trading #forex
Eurusd leaned from manual to mm7 daily and rebounded to Fibonacci 0.618 level. On the daily chart there is strength and could have a good rise in prices coming out of the bearish red channel.
On the weekly chart, the mm7 stands for resistance and is close to the roof of the bearish red channel. A break of the mm7 will give strength to the rise in prices with a target of 1.499 and then 1.154. The weekly closing above the weekly mm7 will also give strength for the next few weeks.
If don't break the weekly mm7 upwards, the price will drop until you find new support near @ 1,13 (mm7 daily). The scenario becomes again bearish only with a downside breakdown of the daily mm7.
At the moment we are bullish.
On the weekly chart, the mm7 stands for resistance and is close to the roof of the bearish red channel. A break of the mm7 will give strength to the rise in prices with a target of 1.499 and then 1.154. The weekly closing above the weekly mm7 will also give strength for the next few weeks.
If don't break the weekly mm7 upwards, the price will drop until you find new support near @ 1,13 (mm7 daily). The scenario becomes again bearish only with a downside breakdown of the daily mm7.
At the moment we are bullish.