EUR/USD is testing the support at 1.1700 again, a breakout below that level could lead to a drop to 1.1560.
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No announcement yet.
EURUSD consolidate already 5-weeks at 1.12.
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It has finally become obvious that EUR/USD is forming a flag on the D1 time frame, an obvious correction to its overall move to the upside. Once that correction ends there will likely be a new move to the upside, and the continuation of the upward trend will be confirmed once the pair breaks out above the high at 1.1909.
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A quick reminder that Janet Yellen will have a speech tomorrow at Jackson Hole at the Federal Reserve Bank of Kansas City Economic Symposium and it will likely affect all USD-related pairings, including EUR/USD, which will probably continue its consolidation until then.
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EUR/USD continued rallying and broke out above 1.1960, forming a new high at 1.2069 and reaching the resistance trend line of the upward channel. Should the pair break out above it the bullish movement will likely accelerate, a pullback would be a signal for a move to the support trend line.
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The US Non-Farm payrolls were announced earlier today but all they caused was a whipsaw and the tight sideways consolidation continues. It is unlikely it will end before the market closes this week. That said, once it does end there will probably be a new move to the downside.
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