EURUSD Bounced From Final Resistance Level

Last week, price tested 2018 low. Where price quickly surged after reaching this level. Now price is trade lower and lower as volume and volatility declines. In addition, EURUSD 0.03%has been correlating with the stock market recently due to risk-aversion. For now, the two prices are correlating, indicating that there are still uncertainty in the market.


EURUSD Bounced From Final Resistance Level by EmpowerTrader


Trade Step-ups:

Bullish Reversal: Price rejects to beck the support level of the 2018 low. Look for a move back to the trend channel and to its topside. Profit levels to look for are 1.1640 & 1.1800

Bearish Breakout: Price breaks 2018 low. This will indicate that the market sentiment is shifting deeper to the bears. Look for consolidation below 1.1280.

Exhibits:

Exhibit 1: Price Correlation Between EURUSD, GBPUSD, S&P500

Exhibit 2: IG Client EURUSD Positioning

Exhibit 3: XM Client EURUSD Positioning

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