Buy Setup Taking Shape

Posted by freemexy on December 21st, 2020

There is a good strong buy setup portending for this pair as market participants seem bullish on a slow motion soaring euro and somehow ease back measures and slow recovery of some of the Euro block members.
　　Also, the Euro is gaining traction as uncertainties looms on brexit talks and uncertainties if London will try to have its way by changing timeline pacts.To get more news about WikiFX, you can visit wikifx official website.
　　Looking at the daily chart, last week trading session, price shot up past the 50 MA and retested again the band even closing below and market participants look to breach the now minor resistance level formed last week and as of todays trading session candle close, forming a bullish engulfing bar, we can tell there is a momentum buy trade sentiment hovering within the block as market participants look to 10.5 price handle level.
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.