EURO against U.S DOLLAR

This analysis includes the movement of the euro against the US dollar on the weekly and daily frames

WEEKLY TIME FRAME 

The analysis of the euro against the US dollar on the weekly frame enables us to take an overview of the area in which this pair is trading, which is between the resistance line at 1.23656 and the support line at 1.11703
Knowing that the euro has breached a very important resistance line that it has been trading below since 2008, which indicates that the decline could be corrective to complete the bullish trend again.

DAILY TIMEFRAME

On the daily frame, the euro against the US dollar is trading in a bearish direction and is approaching an attractive buying area located at the price of 1.11703, in the event that this price touches, the euro will retest the resistance line on the weekly frame and also reached the bottom of the accumulation area, which is an important area for traders to watch
A breach of 1.11703 and closing below this price will be a negative sign for the euro, weakening the positive scenario

Tags : EURUSD