China stocks in a global sell off, SP500 breaking the sideways market, and possibly tanking hard, FOMC in my opinion will not raise hikes in next 6 months. Hectic Asia session gave us a lot to think about. Currently, the most traded currency pair - EURUSD looks like it is targeting strong resistance zone at 1.1538-48. The pair bounced heavily in Asia session coming an inch close to 1.1500. As we can see on the chart the pair is relentlessly going north, coming close to abpve mentioned target. Additionally R3- resistance is also in the zone so we might expect some selling in the zone ( 1.1538-48). 1.1255-45 is important to watch for as strong buyers could be expected there. Retracement down to 1.1255-45 WILL NOT negate bullish trend and it is a good place to place long trades. L3, DPP, Previous Double Top, 61.8 is constituting for POC and if the pair manages to retrace, we should expect next leg of buying.
Additionally 1.1460 is interim resistance and we should also watch the price action around that level.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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