On this daily chart we can see the downtrend which was drawn on the weekly timeframe. An impressive fall from 1.30 all the way down to 1.1595 has in an equally manner reversed itself. On a closer look I noticed this symmetry which might turn out to reach the upper trendline just in time to make this a perfect rise.
The chart speaks for itself and it seems nothing can stop the euro from rising to the target.
The RSI has risen sharply with the trend and it already took a breather but now it is entering again in oversold territory. Well, RSI is an oszillator and these group of indicators can stay oversold - while the instrument rises - for quite some time. Nevertheless, it is some sign of caution.
If the 76.4% Fib-Linie is broken to the upside at 1.2630 we are clearly on the way to test 1.30 again or at least to reach the upper trendline.
Comments
landofand
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run baby, run. let's gain some momentum and push are way up to the 1.618 extension (which actually is closer to 1.3100. seeing confirmation that eur/usd could stay above this 1.2525 for a full period supports this move.tradingview.com/e/wpBDTmxC/
tradersvision
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...The pair is right on track and has 22 days to go to reach the target. I would love to see it forming a base for the next advance at around this level right here...