EURUSD - 240 - Is The Pair Getting Ready For A Break?
EUR/USD had its own party yesterday. It rallied against the US Dollar on the news of the US Secretary of State dismissal. Even though the USD looked strong against its Canadian counterpart, it was still significantly weaker against the Euro.
Looking at the 4h chart, we can see that the pair is currently trading within the triangle formation. Judging by the strong move up that we had in this pair yesterday, there could be some more upside moves to come. If EUR/USD manages to break the upper side of the triangle, this could be a good confirmation that the pair wants to retest the 1.24450 area and potentially get back to the 1.25s. Good levels to watch out for there could be the 1.25100 and 1.25550 lines.
Certainly, there could be a bit of retracement done before making a move higher as yesterday’s move appears too steep. Something like that is also supported by our short-term oscillators. The RSI topped below 80, while the MACD, although above both its zero and trigger lines, shows signs of topping as well.
Alternatively, if EUR/USD makes its way back down to 1.23450 mark and closes below it, then the rate could test the bottom side of the triangle. If it breaks below that, then a push down towards the 1.22700 could be the first good area of support for the pair.
Check out our JFD Research page on our website and Trader's Espresso / Trader's Tea Time videos on Youtube.
Also, sign up for our weekly Strategic Report on the JFD Research page on our website. The Report is released every Monday. Don't miss!
Looking at the 4h chart, we can see that the pair is currently trading within the triangle formation. Judging by the strong move up that we had in this pair yesterday, there could be some more upside moves to come. If EUR/USD manages to break the upper side of the triangle, this could be a good confirmation that the pair wants to retest the 1.24450 area and potentially get back to the 1.25s. Good levels to watch out for there could be the 1.25100 and 1.25550 lines.
Certainly, there could be a bit of retracement done before making a move higher as yesterday’s move appears too steep. Something like that is also supported by our short-term oscillators. The RSI topped below 80, while the MACD, although above both its zero and trigger lines, shows signs of topping as well.
Alternatively, if EUR/USD makes its way back down to 1.23450 mark and closes below it, then the rate could test the bottom side of the triangle. If it breaks below that, then a push down towards the 1.22700 could be the first good area of support for the pair.
Check out our JFD Research page on our website and Trader's Espresso / Trader's Tea Time videos on Youtube.
Also, sign up for our weekly Strategic Report on the JFD Research page on our website. The Report is released every Monday. Don't miss!