Yesterday market, price move to drop but eventually back again to rise and now price landing at high zone on H1 range market, bulls tension seems to dominate on the short term, the price possible break high when the harmonic pattern has formed perfectly, but now the price still in a correction move at resistance zone, the next scene when the price level 1.16200 breakout, the possible price formed bulls market, but if the zone still rejected, the possible price will down again today.
The price eventually breaks high and continue to rise, but the wave does not move in one direction, the price then drops again and landing at 1.16309, based on MA line H4, the trend is bullish, and expected the price will reach red horizontal line as the next resistance based history price. BB line on H1 now price move at the lower band and possibly become the trigger move to rise. Meanwhile RSI value 51 indicates a bullish zone.
The price again continue tp bullish, but the high not yet break previous high, now at H1 price formed bearish pattern, there are pressure seller on this zone, based on BB line H1 now price at the upper band, its possible price drops first before back to the track, RSI value level 54 it's mean on the bullish zone.
Yes, the price eventually drops again after touching resistance line based history, the price formed bears candle yesterday., and now price move on low point previous daily, the next trading scenario, price move on the range market, and possible to rise again, but the dynamic price could make price break the low and downtrend possible occurred,
BB line in H1 now start to expanding, it mean increasing volatility, the price move on lower band, and consolidation there, RSI level value 41, this indicates downtrend based H1 timeframe
Monday morning the market was already open, I see there are small gaps on this pair, but only can look on the small timeframe, but now the gap already covered by the price movement, based on historical price, the horizontal line still become good resistance, there is twice rejection on this l; level, the next question is where the price will move later. The answer is not clear because the trend market is very dynamic, where buyers and sellers always compete to become winners.
At least we take a lesson if rejection indicates a strong area, it possible if the price cant reaches previous high, then the price will drop and make a new reversal, but usually Monday market often the price movement in narrow or low trading volume.
The price eventually move to high and again touched horizontal line as strong resistance, there are three times rejection on this level, the price drops eventually yesterday market, its formed long body candle, yes, the market is dynamic, sometimes Monday market not always low volume, but yesterday is different, the price drops in large pips distance. On another side, tapering off the Fed become news where trader or investors needs to pay attention.
Now price move on lower band zone, but we can see if BB line already expanded, and this is not flat again, its mean volatility increase and now RSI level 42, indicates downtrend based indicator.
Although in small volume, the price still tends to bearish, candlestick formed bears candle yesterday market and formed new low, based daily timeframe, the possibilities of the next support are referred to previous low history at 1.15914 price level, but this is still too far, needs big pressure to bring the price decline and reach these support.
Back to the H1 timeframe as short term analysis, the price is now in correction time, its move to rise but then drop again, if price success to break the low, high possibility the bearish trend will continue. based RSI level value 41, this is downtrend not yet reach oversold zone, meanwhile BB line, price move correction at the lower band.
The price still so hard to break the low and yesterday market price move to rise and reached previous high, but the price again not success to make the price even higher, the price drops again and now at level price 1.15989, it's in middle body previous candle, then we go to H1 timeframe, the last candle formed bearish candle, but the pattern still wavy, the next scenario support zone at 1.15843, where on this price level already three times rejection.
Based Bollinger band indicator the price now move on the middle band, meanwhile RSI value 47 indicates if the downtrend is more dominant at present time, the next target is lower band zone level 1.15892.
Very surprising, the price surge in large pips yesterday, this occurs before ECB announced their monetary policy, the price success to break resistance line and formed new high, it's a very strong market, possibly become reversal pattern, but let see H1 timeframe, the price in correction time, it's not yet clear will break high ow break near support, but usually, after a price move stronger, it will retrace before continue.
BB line expanded its mean increasing volatility, RSI value 66 its closest to overbought zone
EURUSD drop again in the last week, the price drops and formed a new low at support zone, now price level 1.15585, bearish candle formed longer body compared to previous bulls. Monday market expected the price will rise again, based H1 timeframe, now price attern formed bulls candle but wth small body, however, it possible will become reversal signal after price drops.
Bollinger band line has expanded, RSI value 33, it already crossing from the oversold zone, signal trading based RSI is to buy.
