Hello Price Action Traders.
The forex pair snatched upward strongly after the Fed’s words of last Wednesday FOMC meeting. The price today is located at 1.3525 area where there are no major resistance. The “roof” zones in fact are between 1.3650/1.3700 and it is here that we may consider interesting price action short signals. I remain flat at the moment waiting for the cause than just formulated.
The forex pair during the week just passed failed to show signs of a possible rise in the prices for the upcoming sessions. On 2 September it violated upwards the bearish trendline from May 22 Max continued to hold the price collapsed in a compression triangle with lower highs and higher lows . On September 18 was a bearish break of support at 99.00 but qualifies as false break given the next day completely flips the situation showing strength to stay above supports both static and dynamic. Various confluences then indicate a possible bullish rally that will occur in the coming days.
It’s all for today!
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