EURUSD: An Analysis

In my last post (June 2017) I discussed two scenarios. The first scenario worked well.

The pair broke out of consolidation, thus crossed the first strong pressure zone Z1. It faced resistance from a minor pressure zone (labelled on the chart) and pulled back for a retest of the breakout level before resuming its uptrend towards the next major pressure zone Z2. Currently it has been facing resistance Z2.

On this larger time frame, a pullback to the earlier minor pressure Zone (potential support now) can be expected. If potential support holds then we may expect retest of Z2.

It can be seen on the chart that there will be a huge potential opportunity beyond Z2. Although a smoother journey can not be expected from Z2 to Z3 yet trading in the direction of major trend may yield good returns.

I hope this analysis would help some traders in making better trading plans for this pair.

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Bravo