In yesterday's analysis, I expected EU to continue its bearish momentum towards the 1.1915 support zone, which was exactly what the market performed. In today's trading session, I will be aware of potential pullback before continuation towards the downside due to the current slightly over-extended condition. There are two setups that I am looking at
1. As the market is currently over-extended with RSI indicating extreme oversold condition (25), I will pay attention to pullback towards 1.2005 minor resistance zone for bearish continuation setup. (Bearish)
2. If there's sudden bullish momentum pushing price above the 1.2005 zone, we might see reversal on EU as the higher timeframe picture remains bullish (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. As the market is currently over-extended with RSI indicating extreme oversold condition (25), I will pay attention to pullback towards 1.2005 minor resistance zone for bearish continuation setup. (Bearish)
2. If there's sudden bullish momentum pushing price above the 1.2005 zone, we might see reversal on EU as the higher timeframe picture remains bullish (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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