- Resistance Area : 2259/2264, It's important to be really careful here, because we are opening just on the resistance area, the risk to be whipsawed is quite high.
A breakout of the 2259/2264 area can drive the market to 2290/2300 target
- 1 st: Support : 2230
- 2nd: Support: 2210
Since the 4th of June we are in an up-trading counter-move to the Line of least resistance (that is downward sloping). The question most of us are facing is: are we in a new trend? or it's just a pull back?
The cross is in a downward trending channel, it's important to observe the price action around the 1.2250$ level.
- A breakout of the 1.2250$ level will bring the cross down to 1.2162$, a multi-years low
- A breakout to the upside can lead to a quite interesting move, with a target at 1.2450$.
Originally posted at www.77sigmatrading.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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