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Now, let’s do some market analysis 🙂
Broken Resistance Line on EUR/USD Monthly Chart
We have been following EUR/USD monthly time frame closely, while we had already plotted a long resistance line there. You can see it below:
Now the conditions are changed. The above resistance is invalid because some candlesticks have closed above it, but then some other candlesticks violated the broken resistance line and closed below it. When a resistance line becomes broken, we expect it to work as a support. If some other candlesticks close below it, it means the broken resistance line is invalid. Therefore, you will have to adjust the resistance line. This is what I did on the chart below, and now we have a new resistance line:
As you see in the chart above, 2020.07.01 monthly candlestick has closed above the resistance line, and several following candlesticks went down to test the broken resistance line, but it seems bulls are strong and want to take the control. Therefore, it is strongly possible that EUR/USD goes up and reaches 1.25548 resistance level which is about 750 pips above the current market price. You can see this on the chart below in more detail:
Using RSI(9) on EUR/USD Monthly Chart
RSI(9) is newly added to our charts as I have explained it in this video, because we have talked about it a lot on this site and you asked us to add the indicator to our market analysis. Please read the related articles to learn what RRI(9) is and how it works:
- RSI Support and Resistance Breakout
- RSI Divergence and Convergence
- The Importance of RSI 50 Level to Confirm the Trade Setups
- Stochastic, RSI and MACD Positions in a Bollinger Bands Squeeze Breakout
- RSI as a Great Overbought Oversold Indicator
- RSI 9 and Bollinger Bands Squeeze
Below, you can see how RSI formed a support, and then a support breakout formed on RSI, even before the price breaks below the support it has also formed. I have explained it in this video, as well. Please make sure to watch the video carefully:
GBP/USD 2020.11.05 Daily Candlestick
It seems that 2020.11.05 daily candlestick has formed a long trade setup on GBP/USD daily chart while there is a resistance level at 1.31763 that the currently forming daily candlestick is reacting to it:
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