EUR/USD - Rejection from long term confluence
Just over a month ago I posted about EUR/USD approaching long term confluence with the ascending and descending trend lines crossing over. This month we have seen a strong re-bound at this area due to poor data out of the US and technical reasons behind the chart.
I still believe we are heading towards 1.2000 where we should see some strong rejection. From this point on I will be looking for long positions up to 1.2000 where I will have pending orders around that area for a short sell.
This is a long term outlook so continue to trend what you see on the shorter time frames. This has been an interesting time for a lot of Dollar pairs and the weakness from the US has given rise to various potential reversals across the board.
I still believe we are heading towards 1.2000 where we should see some strong rejection. From this point on I will be looking for long positions up to 1.2000 where I will have pending orders around that area for a short sell.
This is a long term outlook so continue to trend what you see on the shorter time frames. This has been an interesting time for a lot of Dollar pairs and the weakness from the US has given rise to various potential reversals across the board.
