The two weakest currencies, EUR and USD are oscillating within a range, largely located above the strong support of the level 1.3510 and below the key resistance of 1.3735. No particularly strong trend. Recently market has found support at the quartile of an up fork that well describes the corrective nature of the June-July price action. It is quite possible that the next thing we see, will be a retest of the blue median line as well as of the prior minor highs (1.3642). But the general outlook is still rather bearish than bullish. The rally retraced by 61.8%, which means it's not particularly bullish. As price tends to follow the path of least resistance, I find the support levels much weaker than the resistance ones.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
