-The green and red long horizontal rectangles are drawn in to show resistance and support lines.
-The green being my support and red being my resistance.
– Bulls look for buy opportunities on the support levels and bears for sell opportunities on resistance levels.
The pair is currently moving through a descending triangle and currently on a support level that is now being tested for the third time on the daily chart. This is the bottom of the range as price fails to break through it. Bulls are lessening every time price gets to this level and this creates a series of lower highs. Strength in the dollar could see price break through this level of support.
The 21 & 55 Moving Averages are noted and show a bearish market sentiment. price action Moving Averages have bounce off the 21 Moving Average creating a lower high through the descending triangle. I will be looking forward to see price retrace back to the fib zone which lies on the resistance level of 1.11600 to make a lower high. should price break through the current support level of 1.11289, the next key level of support is around 1.10900
Even though the trend is bearish, I will be looking for a pull back to sell as bulls will start entering the market
About The Forex Analyst
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