[EUR] Long Bias in Short Term

EUR/USD 4-hour chart, source: forexfactory.com

EUR/USD weekly chart, source: forexfactory.com

As soon as I changed my bias on the market, the price of currency pair EUR/USD turned its direction. It broke through the resistance line and surged over 1.1100. I found out my incorrectness, and realize that the market watch is difficult again.

I put my bias on Long Position. And there is a precondition, short term. 

As Federal Reserve System, Fed froze its Federal Funds Rate, 0.5 percent, the price of Euro rocketed breaking through the resistance line in a breath and keeps its upward trend. I guess the price faces some adjustment and keeps its trend. If I trade, I will wait the adjustment and get a long position after the rebound. But we need to watch the weekly chart. There is a strong resistance price band around 1.15. Since 2015 there were some attempts to make upward trend in long term, it failed. And it attempt again now.

I don't know whether the price band will break or not. But I will make clear my long position and enter the market again after watching whether resistance band is broken, if I trade the currency pair.

Long term chart is more powerful than short term chart, hours chart and minutes chart. We had better trust weekly chart than 4-hour chart and 1-hour chart. But if you are scalper, my advice is ineffective.

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