EURUSD made a top of 1.60 in 2008 and since than trading in a downtrend.
The price is moving in a falling wedge on monthly basis.
Recently pair witnessed a major sharp downfall.
The pair has touched another low at 0.9535 and also gets closer to the lower boundary of wedge.
Now the pair has hit out the lower boundary of wedge.
The same zone is confluence of 61.8 golden fib ratio and horizontal support.
The RSI has printed the Bullish divergence on weekly frame.
Now if we try to understand the possible reversal sentiments we could find that there is a confluence of three major bullish reversal indications, One is 61.8% fib level, the other is a strong support zone , and thirdly a lower boundary of wedge.
The lower boundary, fib level and horizontal support will hold the price from any major fall and bulls can take control from there
Trade your levels accordingly.
The price is moving in a falling wedge on monthly basis.
Recently pair witnessed a major sharp downfall.
The pair has touched another low at 0.9535 and also gets closer to the lower boundary of wedge.
Now the pair has hit out the lower boundary of wedge.
The same zone is confluence of 61.8 golden fib ratio and horizontal support.
The RSI has printed the Bullish divergence on weekly frame.
Now if we try to understand the possible reversal sentiments we could find that there is a confluence of three major bullish reversal indications, One is 61.8% fib level, the other is a strong support zone , and thirdly a lower boundary of wedge.
The lower boundary, fib level and horizontal support will hold the price from any major fall and bulls can take control from there
Trade your levels accordingly.
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