Daily Analysis 07/12/2021

DAILY ANALYSIS

Traders can follow economic events or news which may affect the trend of this pair, to adjust on trade position.

 

WEEKLY EUR/USD

Support & Resistance: R1: 1.17
From the weekly chart, the price has dropped in 1:1, the double top chart pattern has finished it formation. There are 2 possibility for the incoming trend, first is the downtrend continuation and finished the formation of 1:2 from the double top chart pattern, or the price support at this level and the price challenge the resistance level (1.17). From the previous weeks candle, the candles has a long lower wick, which means that the selling momentum was weakening. The possibility rise of the price is higher, traders can take long position as the possibility is higher.

 

TRADING TIPS


Long Position

1.13

1.14

1.12