The Euro went back and forth during the trading session on Tuesday, breaking above the crucial 1.1250 level. This is a market that sees a lot of resistance at this region, so the fact that we gave back quite a bit of gains is in a huge surprise. However, it looks as if we are at least sticking around this area. I think there is a lot of confusion right now, and Jerome Powell suggesting that perhaps the Federal Reserve may be willing to cut rates if necessary threw even more of a mess into the market. At this point, if we break down below the bottom of the candle stick for the trading session, then I think the market rolls over and goes back into the consolidation area. However, if we break above the highs of the day it’s a sign that we are probably going to try to grind to the upside.
Conformation:
Support
Resistancce
Trendline
Conformation:
Support
Resistancce
Trendline