I have been watching this pair over the last few weeks and am still expecting price to break back into the channel and create a new higher high at around 1.4500. Past 2 weeks have printed as tweezer bottoms as price struggles to break through 1.2000 however price is also struggling to break through the weekly 20ema to the upside. Daily charts is showing us wick rejections to the zone and a double bottom formation showing potential for an upside move, my emas as also currently very tight which often leads to a breakout. Last week we had a nice bullish push towards 1.2700 before price retraced back to the zone with the last 4H candle closing a bullish hammer.
This week with the possibility of DXY weakness I am hoping to see EURUSD break through 1.2700 and break back into the ascending channel.
Where price is sitting just now would give us a tidy risk:reward but we will need to wait too see how markets open.
This week with the possibility of DXY weakness I am hoping to see EURUSD break through 1.2700 and break back into the ascending channel.
Where price is sitting just now would give us a tidy risk:reward but we will need to wait too see how markets open.