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Albayani Trading Journal

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Albayani

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Hi, everyone!

The euro/dollar pair entered a consolidation zone again. Traders cannot decide which direction to take. Although the pair?s growth is too weak, I still expect it to advance today.

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Earlier, on the hourly chart, the pair broke through the inclined resistance level but failed to gain strong upside momentum. Currently, the quotes are consolidating and gaining volumes. In my opinion, trading activity will increase when the European session opens. Thus, I expect the price to pull back down to 1.1000 and then rise to the round level of 1.1100. Thus, yesterday's scenario may repeat itself.

A deep downward movement is possible, but the price needs to break through the inclined level around 1.0990 and fix below it. In this case, the quotes will have every chance of sliding to the 1.0900 area.

Today?s macroeconomic calendar is also bereft of any important releases which could have a severe impact on the dynamics of the euro and the US dollar. Therefore, it is worth being guided by technical indicators.


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#1 - March 23, 2022, 01:26:36 PM

Albayani

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Haii Everybody.
Yesterday, I opened a long position at the support level 1.0955-65 and managed to make a profit. The euro/dollar pair hit the 1.1045-55 resistance level as expected but then stalled. Currently, the price is consolidating between the levels of 1.1045-55 and 1.1005-20.
From a technical point of view, it is worth focusing on the following levels today:

- the support level 1.1005-20 and the area 1.0955-65. If the price breaks this zone, the pair will most likely enter the 1.0935-1.0805 support zone. In this case, market sentiment can change dramatically.
As I mentioned above, there is no strong signal yet. Nevertheless, I expect the euro to rise in value and head towards the 1.1265-1.1330 area.


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#2 - March 23, 2022, 01:33:04 PM
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