EUR/USD, the beginning!
Here we are at the beginning of the year. While the most of the market players are still on holidays, let’s see what do have at the most traded pair. The US dollar started the year weak versus the most opponents, here as well. Supported during the Asian sesion at aprox 1.0800 for third time, the pair reached down trend line at 1.0950, after wich the sellers have took over and return the euro down to 1.0900 for now. As I see this for January, the sellers are strong here all the way up to 1.1040/80, where the MA’s 100 and 200 are placed and that could be the strong resistance again, if the bulls manage to reach that level. Despite bullish begining of the year, my long term view is that, the pair could be boost up stonger only above that resistance and this second down trend line, because for now, the bears still have control and these are not levels for long entry. As you can see, this is daily descending triangle formation for now here as wella nad that’s why the fall bellow 1.0800 is possible (intra week). Keep up and follow my analysis. Let the games begin, happy trading in 2016.! 😉