$EURUSD Forex Signal: Selling Off from Resistance Area Above $1.0920
on Monday last week, I wrote that the technical picture had become bullish, but also that as the support level at $1.0899 was very confluent with a round number, there could be a long scalping opportunity here, but the price was unlikely to move much.
This was a fairly good call as the price did move a little and the day was an up day, but the low was some pips below $1.0899. The price has done a little over the past week. We are seeing a medium-term consolidation between $1.0840 and $1.0960, with the price chart currently dominated by a strong area of resistance with an upper boundary at $1.0944.This may well continue, with the price drifting down to the nearest support level at $1.0874. A long scalp might be a potential trade there, but with the US on holiday, by the time the price reaches that level, the day’s action will probably be over.
Therefore, I only see that long scalp as worthwhile if it happens quite quickly after the London open. There will likely be better opportunities today elsewhere in the Forex market in currencies such as the Australian Dollar and the Japanese YenThere is nothing of high importance due today regarding either the EUR or the USD. It is a public holiday today in the USA.Top Forex Brokers
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