EURUSD: High chances of breaking 1.1110 this time.

FX:EURUSD   Fx Euro/Dolar U.S.
The pair is currently on a strong decline and the reason is the rejection near the 1D MA200. Since this MA period broke downwards in April 2018, it has successfully held the price action below. In particular, this is the 4th time it has rejected the uptrend so closely. Every other time it has done so, the pair made a new Lower Low on the Monthly chart, which remains bearish ( RSI = 42.218, MACD = -0.004, Highs/Lows = -0.0088). This is a strong sign that there are higher chances this time to break the 1.1110 Monthly Support which is holding since May 30, 2017.

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My view may be a bit more congested than yours, but I am seeing a reversal of the DT since 10 Jan 19 to 30 May 19. A first HH has formed at 7 June 19, and we are looking for a first HL. If that forms, I do not see a breakthrough @1.11100.

My chart says it's going to rise. I could be wrong of course. but if I were to place a bet I'd put my money on 1,13 not on 1,10 ;-) YMMV
+1 Balas
@ReallyMe, Thank you for the opinion. We use a much wider time frame. Even another test at 1.13000 wouldn't alter this approach.
+2 Balas
ReallyMe InvestingScope
@InvestingScope, yes could be. I am not quite certain about this one. I guess it depnds whether DXY will continue rising or if it eventually rolls over soon.
on the 1D time frame I could see signs or a possibility of EUR/USD trending upwards, but it is just a specualtion at this moment. we will see
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