Apparently the rally continues, though we will have to wait for next week for the pair to break out above 1.1700.
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No announcement yet.
EURUSD consolidate already 5-weeks at 1.12.
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EUR/USD pulled back from 1.1680 after all. EUR/USD has reached a strong resistance on the weekly and monthly time frame. I think it is very possible for us to see a deeper correction - up until the pair reaches 1.1400 or even 1.1250. Such a correction, obviously, won't develop over the course of a couple of days, it could last for weeks.
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The pair broke out above the trend channel and its first target will be around 1.1770. I think there is a possibility for this breakout to lead to a test of the local high and after that there could be a corrective drop. In the alternate scenario the pair will form a new high.
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Should EUR/USD test the support trend line of the RSI indicator the daily time frame that would be a strong indication for a new move to the upside. This scenario would be invalidated if the pair breaks out below 1.1400, which could be a signal for a drop to 1.1000.
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EUR/USD continued its corrective movement to the upside after all, and is now at the middle line of the Bollinger Bands indicator on the 4-hour time-frame. I think that from here it could either retest the last high or bounce off from the current resistance and continue falling.
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EUR/USD remains bearish today while testing the support at 1.1725. The possible breakout below that level could lead to a further drop to 1.1700 and below.
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The fundamentals did give the pair the required push and it started rallying. Not to mention that it had formed a pair of inverted hammer bars on the daily time-frame above 1.1700. All that said, the renewal of the bullish trend won't be confirmed before the pair breaks out the previous high at 1.1910.
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