EURUSD, DAILY TECHNICAL ANALYSIS
MAJOR DAILY SUPPORT AND RESISTANCE ZONES
The Fiber price has been moving in a bearish channel for the past 2.5 months after hitting a major monthly resistance R around 1.20900. The channel is marked by the red trendlines.
Last week, We had a large bullish break out out of the channel resistance. Large candle breakouts are usually indicate exhaustion and that's why a retest of the trendline happening now was highly possible before any continuation to the upside.
Currently, price is back to trendline support zone. Daily candle close below trendline may lead price back into t support zone which also happens to be the 21 Simple Moving Average zone.
If we get a great price action bullish pattern on the trendline zone , the first immediate resistance will be r before we can any further upside movement.
Daily candle close above r may give price momentum back to the major monthly resistance R. Candle close below t may lead price back into major support zone S. For now, keeping trading on the lower timeframes within r and t zone.
Comments below; What do you think of these zones (r,t,R and S)?
