Near Term Breakout Indicates a Reversal
EURUSD A possible reversal is in the making as price direction failed to breach and hold above the long term downward trend line connecting peaks at 1.1215 to 1.1470 on the daily time interval. After a spectacular bounce last week, we may see exhaustion take place, coiling reversal back to previous resistance line at 1.1030, and officially becoming a support line at that level, for the next short term bounce. For Long setups, possible Long Stop Range levels are : 1.1030 through 1.0979 for the upcoming week. Also, for Short setups, possible Short Stop Levels are : 1.1213 through 1.1244 for the upcoming week's session.
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