Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
Eurusd bulls have been enjoying a bounce off of 1.3850 support, and there appears to be more upside potential towards 1.4000s before it encounters any major resistance. The weekly chart shows a profusion of wicks as attempts to drive the pair down have been successfully thwarted so far. However, the daily chart (posted below) suggests strong resistance at 1.4050. It is at that level that the broken up trendline will come into play, aided by some past resistance and the 50% Fibonacci retracement level from the most recent down move.
Reversal patterns in this area could present good shorting opportunities if, or when they do occur. 1.3850 would represent a good support area for some profit-taking. It is worth being aware of this resistance if only for the reason of not being caught unawares if you happen to be in a long trade.
Thanks a lot. I do appreciate your having taken the time to read the article. Happy trading! 🙂
The Gbpcad pair is still holding support in its trading range. See my take on it here: http://winnersedgetrading.com/technical-outlook-trading-opportunities-2/
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