EURUSD Multi Month Resistance| Volume Climax| Apex

Evening Traders,

Today’s Technical analysis will focus on EURUSD pairings, a clear monthly resistance pushing price down while support holding true – price is nearing its APEX.

Points to consider,
- Trend bearish (consecutive lower highs)
- Multi-Month Resistance line respected
- Structural support tested
- RSI neutral
- Stochastics in the lower regions
- Volume climax evident

EURUSD trend has been bearish over an extended period of time – putting in consecutive lower highs as price respects its multi-month resistance line. A break of this resistance line will allow structural support to hold true.

Price is travelling into its apex, - a breakout is imminent.

The RSI is below 50, quite neutral, no clear divergences have been set, previous divergence played out bullish at structural support. Stochastics on the other hand is in the lower regions; momentum is stored for an upside move.

Volume climax nodes are evident, sign of seller exhaustion, temporary bottom is in until price finds its equilibrium which will coincide with the apex.

Overall, in my opinion, EURUSD will have a break in the coming years as support and resistance levels converge. A break of multi month resistance will likely push EURUSD in to its local resistance.

What are your thoughts?

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And remember,

" Only enter a trade after the action of the market confirms your opinion and then enter promptly" - Jesse Livermore