Forex Trader

For three days in a row the buyers manage to close on new high and they have continue to push higher today as well. If you take a look at my weekly analysis from June 27. you can see that this is the strong sellers area, but the buyers looks persistant enough to try to push higher and it seams that they will not give up easily. As I wrote in my last analysis, it’s really tough to analyse the market after Brexit, because it’s not only a question about technical analysis, but most of all about the fundamental analysis. It will take a while for the market to find a real value for the euro after the EU have lost the huge economy in Britain, as they member. The technical works for sure and you can see in my charts that, but it’s hard to predict the long term moves. It’s best for you to analyse and to trade the EUR/USD based on the smaller TF’s, such as H1 or H4, daily the most. Until…

Ok, let’s take a look what we have technicaly now!? In front of the buyers there is resistance level which starts at 1.1150 > 1.1190/200 is the stronger one and that’s not the end of the sellers area. There is also a several important MA’s at the level 1.1230 and they are just above the strong trend lines. That’s why it will be important to see how the pair will move there if the buyers reach that. You can see how the buyers build supports levels and climbed up with help of this trend line. That’s why on the way back, the first stronger support is 1.1090/1.1100 now, the daily MA200 and that could hold the sellers if they took over the pair. It’s not so volatile here, but it’s very interesting for us analysts. This is now the chess game and every move is important.