EUR/USD Multiple Resistance Point Keep the Pair from Advancing

1 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear traders,

The EUR/USD has formed 4 times resistance at the top. We could see a move down straight towards the ATR projection.

After many days of consolidation, the pair is consolidating around the top. We could see a move down as the market lacks the power to break the order block and advance above 1.2000. However bears are also lacking the power to break 1.1945. If 1.1945 breaks we should see 1.1925 followed by a retest of 1900. In my opinion, the pair should drop.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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