EUR/USD approaching key level, do sellers have a chance?
EUR/USD is approaching the key level of 1.2250. Currently, there is no hint
of bearish price action. So, sellers might want to switch to the lower time
frames and look for bearish price action.
If bearish PA happens at this key level, then there is a good chance of a pullback
to 1.21 level.
Note that, in case price breaks out strongly from the current 1.2250 level, then
the next key level is near 1.24. So, sell only if there are formation of bearish candlesticks
in the resistance level.
of bearish price action. So, sellers might want to switch to the lower time
frames and look for bearish price action.
If bearish PA happens at this key level, then there is a good chance of a pullback
to 1.21 level.
Note that, in case price breaks out strongly from the current 1.2250 level, then
the next key level is near 1.24. So, sell only if there are formation of bearish candlesticks
in the resistance level.