The price has pierced the Bollinger band, as shown in the
chart on a 4 hour time frame and
this confirms that the volatility is high. The piercing of the Bollinger band
does has a significant importance as an
opportunity to buy or sell. The significance of the piercing of the Bollinger
band is even higher because this takes place at an important level of
support or resistance. Under the circumstances we are still a little away from
the minor resistance zone.
The EUR/USD
pair is trading above its upward trend line. This confirms that the trend is
skewed towards the upside and as long as we remain above this trend line, the
bias may remain for further upside move.
The reading for the Bollinger the upper and lower bands are
1.1201 and 1.1069 respectively.
The RSI is trading at 75 which is in the overbought
territory and this may push the price lower or trigger a pause for the price
action.
Good analysis.
ReplyDeleteGood analysis.
ReplyDeleteThat's good to know, thanks.
ReplyDeleteGood analysis, I will keep it in mind.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteVery accurate analysis!
ReplyDeleteInteresting article.
ReplyDeleteGood analysis. Very good explanations.
ReplyDelete