Eyes on the ascending trendline
EUR/USD has been ascending above a trendline as it is shown on the chart. Recently The price line has reached to a resistance level and as it looks, the ascending power has been reducing. Traders can be waiting for the trendline to be broken and then they can enter short positions.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 1h.
The concept of moving to 1,1500 is still on the table, but we will not be seeking to buy. A reversal around 1,1500 is what we’re aiming for. We can identify the entrance as soon as we receive a signal from the candlesticks. The price at the moment is on 1.14173 and is just above the trendline. It is expected for the price line to have another ascending jump and after that the price can break below the trendline. that is where we can enter the market and aim for short positions. At the moment neither short, nor long positions are recommended. Because of the poor risk-to-reward ratio, short-term long investments aren’t really a choice. As a result, if the price breaks above the previous high, you should attempt to minimize the risk on your trade and maybe adjust your stop loss to breakeven.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.