EURUSD Resistance Turned Support

Whenever previous resistance turns supports, we should not short it. The same scenario is happening with EURUSD currently with 200MA.

200MA has constrained pair to the downside for long. But now its supporting the pair on any pullback. As can be seen in the chart, it has pushed the pair higher twice. Currently, its at major resistance area 1.3 and if its able to hold gains above it then shorting it a bad option. On any pullbacks 200MA, 100MA & ascending channel boundaries should support price.


It has already broken the descending channel and price has bounced from upper channel line. Detailed post [here].

EURUSD Daily