Are there any chances for EUR/USD to overcome 1.23?

Are there any chances for EUR/USD to overcome 1.23?

2019-11-11 • Updated

This week the EUR/USD pair showed wavy dynamics with growth and falls after the great growth on Friday, January 12. Euro started a week with the lower price than closed the last week session. But after that, we could see continuing growth until the price 1.23 that formed the resistance of this week, that it reached 3 times this week. The price managed to hit this line once this week reached the top at 1.2322, the highest level in 3 years. However, it could not continue its way to the upside. None of the candlesticks of the daily chart was able to close above 1.23. The lowest price was at the level 1.2165.


The long-term trend since the start 2017 is bullish and will remain so as long as the pair will trade above support line at 1.1950. On the daily chart 50-day MA went above 100-day MA. So the pair still has a chance to finally overcome 1.23. On the weekly chart, MACD indicator did not confirm the price high. As a result, EUR/USD may firstly decline to support levels before resuming the long-term uptrend.


Support levels are at 1.2165, 1.2090. Resistance is at 1.23, 1.2350.


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The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.

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For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances

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Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

CBDC: Technology of the Future or Dystopia?
CBDC: Technology of the Future or Dystopia?

Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of ​​creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.

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