The US dollar rallied sharply last month, reaching an experience high of 94.90 this year. Last week, sellers' forces tried to reduce the price to 93.85. This week, buyers seem to be pushing the price to push the US dollar higher.
Today I had opened a demo account with InstaForex with the 500 capital.
Since the opening of the Asian Sessions market, we have seen the candlestick price rise significantly. Even price reached in the first zone of the supply terminal. I will buy a trade when another confirmation is at the price level of 1775.00.
Otherwise, if the price declines and falls to the price level of 1750.00. So, I will follow the trend. Which you all know is a downtrend. Of course, we also need to pay attention to the fundamental data because these data also play a significant role in supporting our technical analysis. So, that enhances more acknowledged.
Yesterday, we saw that the price did not break the resistance of 1.1570, but there was an upward momentum during the US session, which allowed the price to break the supply of 1.1550. If the price can correct this level, it may reach 1.1530 later as it seems the closest support.
However, sometimes the price immediately reverses and comes under pressure again. The EUR/USD price can expect a support level of 1.1530 and a moving average of 50. If it succeeds in reversing, then selling is a good decision.
Otherwise, I would buy around this support level, and my takeover profit would be in the range of about 1.1670 to 1.1600.