The pair Euro / Dollar has had a good race up to 1.23$ (per Euro).
Actually it is in a very specific situation:
a) Swing-Trend-Line coming from 2004
b) neckline of the last chart pattern: 3 desending peaks
c) the peak of an ascending triangle
Will it go up and test the upper limit of the trend channel or will it go down?
Indicators:
RSI: strong but not overbought (positive)
ADX: momentum a little bit rising, but +DI is falling (no help from here)
EMA 50: price is above, so a consolidation could take part (negative)
Conclusion:
Even if Euro / Dollar manages to break up it could stop at the upper limit of the trend channel.
Actually it is in a very specific situation:
a) Swing-Trend-Line coming from 2004
b) neckline of the last chart pattern: 3 desending peaks
c) the peak of an ascending triangle
Will it go up and test the upper limit of the trend channel or will it go down?
Indicators:
RSI: strong but not overbought (positive)
ADX: momentum a little bit rising, but +DI is falling (no help from here)
EMA 50: price is above, so a consolidation could take part (negative)
Conclusion:
Even if Euro / Dollar manages to break up it could stop at the upper limit of the trend channel.
Comment:
Comment:
EURO / USD is still below the upper limit of the trend line (grey dotted) and below the swing trend line = resistance (orange dotted).
The indicators are signalling that the momentum is falling, volume shows that the bulls and bears are figthing at this point.
If bulls win Euro can continue to rise up to 1.276$ but if bears win it can fall back on fib retracement at 1.15$.
The indicators are signalling that the momentum is falling, volume shows that the bulls and bears are figthing at this point.
If bulls win Euro can continue to rise up to 1.276$ but if bears win it can fall back on fib retracement at 1.15$.