Last week, EURUSD has put an end to the bearish trend as it kept climbing and reached its previous high.
There is not much selling pressure at the current resistance 1.1180 or in fact, there was on last Thursday but did not sustain.
There's also an interesting pattern whenever a new high was created at the top of the 40-month falling channel.
The first wave brought the price to the top of the zone but it always takes a second wave to push the price to the extreme top of the channel before the start of a strong and long bearish trend.
So obviously, this current bullish wave right now is the 2nd wave I'm talking about and this got me to believe that EURUSD will climb further this week and probably stays resisted or come down in the later.
But ultimately, what I'm really waiting for is to sell once the 2nd top is formed and confirmed.
There is not much selling pressure at the current resistance 1.1180 or in fact, there was on last Thursday but did not sustain.
There's also an interesting pattern whenever a new high was created at the top of the 40-month falling channel.
The first wave brought the price to the top of the zone but it always takes a second wave to push the price to the extreme top of the channel before the start of a strong and long bearish trend.
So obviously, this current bullish wave right now is the 2nd wave I'm talking about and this got me to believe that EURUSD will climb further this week and probably stays resisted or come down in the later.
But ultimately, what I'm really waiting for is to sell once the 2nd top is formed and confirmed.
Komen:
Should EURUSD closed with a bearish candle tonight, we should start looking for selling opportunity.
