Forex Analysis

Will the Euro Successfully Penetrate Dollar Dominance?

The intraday bias the price of EUR / USD at 1-hour chart’s are in a bullish condition and if we look at the current price of being corrected downwards as an indicator condition stochastic overbought. Today there is a tendency still be bullish price where there is the potential to open BUY position with two scenarios that must be considered.

Note, the first scenario would arise if the price moves down and stuck firmly in the support area at the range 1.23993-1.24355 then there is a chance the price will do the bullish movement further towards resistance at 1.24940.

The second scenario is if prices break through resistance at 1.24940 then there is a chance the price will continue to make further bullish movement towards resistance at 1.25615.

Conversely note also if prices fall sharply and to penetrate the support 1.23993 there is the potential corrected price will move down where there is potential support will be in touch 1.23407 price movement.


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