On the weekly and monthly time frames, EURUSD failed to break above the yearly trendline, which serves as a strong resistance. There was also rejection at the 100-week moving average and the 50% Fib level.
On the daily time frame, the rejection was more clear with the presence of the upper line of the ascending channel and the 1.09000 resistance level, as well as a negative divergence on the MACD indicator.
If the price breaks down below 1.07650, which would also break the ascending channel, this will be a clear sign of a substantial move to the downside.
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If the price breaks down below 1.07650, which would also break the ascending channel, this will be a clear sign of a substantial move to the downside.
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
