EURUSD pushed from strong SUPPORT zone and GROWTH

4 янв. 2021 г.

In November 2020, the price of this currency pair started a new downward trend, receiving support from the 1.162 line. The support turned out to be "young" but very strong. And as a result, it was able to bring the price to the historically strong level of 1.221.

The price made its first attempt to break through this level back in mid-December last year, but it collapsed almost immediately and the owl came to the support line. As a result, the price managed to break through the level only at the end of December, when the support line crossed it.

After the breakout, the price increased, rolled back and consolidated in the support zone. Such price movement on the chart often precedes an increase. Further growth is also supported by the fact that the November support line has not yet been broken. And it is a guiding trend line for growth.

Thus, now I expect the price to bounce off the 1.221 support zone to grow. It is likely that during the growth it will roll back again, but eventually it will come to the resistance line of 1.240. This is our goal.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻