Tuesday, January 23, 2018
The EUR/USD reaches the 200 month EMA
The
EUR/USD has accelerated its bullish momentum as shown on the monthly chart and
reaches the 1.2300 level where we can find the 200 month exponential moving
average. The area may become a very good resistance zone due to the fact that
there are three main factors that may stall the rally. First, there is the
1.2300 round number level with the 200 month EMA and we can also see that the
1.2300 zone was a good support in 2012 and now it may change to resistance. In
case of a bearish bounce, the most relevant support on this timeframe is the
1.1700 level. Above the 1.2300 level we don’t see any more resistance levels,
except the round number levels all the way to the 1.4000 level.
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It could be a good turning point.
ReplyDeleteIt broke out above 1.2300 and it is still moving to the upside.
ReplyDeleteGood upward strength.
ReplyDeleteStraight to the point! Congrats!
ReplyDeleteVery impressive rally so far.
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDelete