EUR/USD price has surpassed the USD pullback in the past week which is bad news for the USD. This action is leading the way to creating a new EUR bias zone. The price has the space now to re-trace towards the blue trend line which with significant force could challenge the existing EUR bias. On the very short term, this is where the price seems to be heading.
A better view of a prospective price direction towards USD can be had by having it reach the 1.3700 area of the bottom red trend line, testing the channel support. Overall; on day to day terms, the current consensus is a EUR bias. Note that the main resistance located at <>1.4720ish, a good halfway from the current price.
Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.
No comments:
Post a Comment