Forex forecast / EUR/USD / Our expectations
Middle-term downward trend, lower tops and lower bottoms. The price reached serious levels of resistance: SMA 200, main diagonal resistance of the channel and FiBo 50.0. Price action signal: Engulfing candle at diagonal resistance, FiBo 50.0 and SMA 200. Technical indicator: CCI(50) - In zone of overbought, when break level 100 in descending direction, the positive moods will weakens.
Sentiment: Positive sentiment toward the USD, because of the expectations of a rate hike from FED. For the moment the market pricing the possibility for a hike at 80%.
Alternative scenario: If the price breaks above the diagonal resistance and get out from the descending channel, the negative scenario will be dismissed.
SL: 1.1900
Trader Bozhidar Arabadzhiev
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