EURUSD - #1
2020-01-05 05:53:08
The previous month formed a strong bullish engulfing candle. However, the overall monthly trend is bearish and looks to be forming a descending channel and price is at the resistance of this channel. On the weekly timeframe, the overall trend is a very strong bearish one. Price has wicked and rejected the resistance zone and the dynamic EMA resistance. However, it does appear that price is also forming higher highs and higher lows with the daily timeframe rejecting the support zone. The 1h timeframe has broken the 50 EMA and retested it. Bias is looking for sells but to keep an open mind.