EUR/USD Limited Bullish Move ?!!!
The bullish correction started with the beginning of this week almost about to be end , if you check the daily chart , you can see the positivity which caused by stochastic bullish divergence , the pair now is around EMA 50 on daily where is supposed to fluctuate and decline strongly ,add to that OsMA trend indicator shows very high probability for strong bearish move so according to the daily chart any bullish move is supposed to be limited BUT...
ًWhat/when/how/where ..would be the end of this bullish correction ?!!! let's shift down to the intraday time-frames...4 hour chart , we have multiple bearish divergence(s) , the pair is around EMA 50 , momentum indicators are in the over-bought area.....
The 1 hour said that the target of the limited bullish move happened yesterday night was achieved early this morning during Asian session with maximum profit ...so...be careful ?!!
What is gonna happen now ?!!
Now we should watch the pair around 1.4220/40 - 1.4340/360 ,where it is recommended to evaluate activity development on the charts with smaller time frames , 1 hour and below , a break below 1.4220 should test 1.4160/40, 1.4100/80 , 1.4060/40 , A break above 1.4340/60 will test Fibonacci retracement 23.6% around 1.4450 on daily ?!!!
Note: the pair may range between 1.4220 - 1.4320 ...you can sell (1.4320) and buy(1.4220) but be careful of being a victim of a sudden bullish or bearish breakout ?!!
Technical resistance levels: 1.4240 - 1.4320 - 1.4440
Technical support levels: 1.4170 - 1.4050 - 1.3880
Trading range: 1.4300 - 1.4000
Trend Direction: Downward
Recommendations: Upon the chart and the explanation posted above , my recommendation is selling the pair with an hourly closing below 1.4172 targeting 1.4050 and 1.39000 , stop loss 1.4230.