RLinda ! EURUSD-> Formation of consolidation before resistance

11 Jan 2023

EURUSD is recovering after a liquidity zone shakeout. The area of 1.0600-1.0650 was a phase of accumulation after which the unnecessary speculators were removed from the market by two maneuvers. What's next?

The price after emptying the market from the speculators and the energy accumulation freely reaches the resistance zone of the channel. I pointed to the key resistance level 1.0757 (Daily tf). It is worth noting that the price is in the local highs, in fact, the price fixation above 1.07117 is formed, but there is a pre-breakdown consolidation of the resistance zone

I expect that the price may have a chance to break through the resistance zone, in which case in the short term the price may reach the nearest level 1.08669, in the medium term - 1.09380.
But the channel resistance may be stronger and push the price away, in which case we expect consolidation under one of the key levels, after which we expect a correction

Regards R.Linda!

12 Jan 2023

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