EURUSD 11-07-2024

CPI news pushed EURUSD from trending weekly price or fair price of 1.084 to the next area of resistance. Except you are using a robot (you can ask me about the one I use), traders need to re-evaluate their analysis.

Like I promised in my earlier analysis, I said should price not keep below 1.084 (where the red flag is), I will re-evaluate. Re-evaluation does not necessarily mean a change of bias.

So what has changed. Nothing really. I am just anticipating when the downtrend will begin. This is because the long term trend is down. What changed is our weekly bias. Weekly direction is the what you can make of the market either in hindsight, real time or foresight.

As at the time of this analysis, EURUSD is trending at 1.087. In this analysis, I show that the next resistance price level is 1.092 (where the green flag is). With minimum risking of your account, a pending sell at 1.0875 is a good one. I believe price will trend between 1.085 high of the week and 1.092, a previously high of the week. Having identified our resistance zone of 1.085 and 1.092, I am selling from 1.0875.

In conclusion, weekly trend this week is bullish. Overall trend of the pair remains bearish.

Feel free to share, like, boost. Let me know what you think

Disclaimer: Not a trading advice, educational advice only