EURUSD Strength

EURUSD Strength - RyuxFX

Overview
After EURUSD broke out of its longer term bearish trend we have seen the current market environment shift to a range, with resistance at around 1.11754 and support levels at around 1.09950. Despite some market manipulation
around these areas we have generally seen price respect these two levels, fluctuating between the two.

After a recent rejection of 1.10947, midway in a bullish rally towards resistance, EURUSD has fallen and is set to close the Daily candle at support.

Expectations
We can expect bullish liquidity to be filled in at this level and see somewhat of a switch in market momentum, moving towards a bullish sentiment.

Risk
To avoid market manipulation and stop hunting, Ryux has set up a Buy stop for the level at 1.10237. this way, price will have some momentum behind it if it makes a bullish push.

Joel Guloba
Forex Analyst / Trader

- Ryux Enterprises