EUR/USD stuck between 1.235 and 1.255!
From the begining of November EUR/USD ranges between 1.255 and 1.235. Strong daily down trendline pushing the pair down and range is tightening in the last couple of days. It will be logical for the pair to try the support 1.2350/60 one more time, but as we can see, for the last three days euro is defending 1.2420. Euro can’t recover from the May 2014. –> November 2014. fall at all and on every attempt for recovery bears return the pair down!
Personally I do think the range is between 1.27000 at the bottom and about 1.5000 at the top maybe a bit higher. I think at present the bottom of the range is being tested and has held. On the logic that the market must go somewhere it would follow that the top of the range at 1.5000 will be tested and similarly it will hold. The weekly R1 sits at 1.4728 so that there is more than a reasonable chance it will be tested. As I type the price action is heading long and has reached 1.13400. Whilst I accept it still has a long way to go, it is an impressive start.
Logično ili ne, opet dobro predviđanje. 🙂
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