EUR/USD prepares for Draghi and Yellen speeches
Morning outlook - EUR/USD prepares for Draghi and Yellen speeches
- An hourly chart reveals that the Euro is moving against the American Dollar in a short-term symmetrical triangle, as traders await both Mario Draghi and Janet Yellen speeches that will be delivered later this day at the Jackson Hole Symposium.
- From a technical perspective, a breakout to the northern direction seems more possible, as the currency pair experiences pressure from the 55- and 100-hour SMAs from the bottom. In addition, the upper area lacks any notable resistance barriers in the next 45-pip range.
- However, if the downfall happens, then in the worst case scenario it should be stopped by the 100% Fibonacci retracement level at 1.1714.
Trade closed: target reached:
The results of the Jackson Hole symposium can be observed on the charts on Monday. The Euro has skyrocketed against the US Dollar. Both speeches of the ECB and the FED leaders have caused a surge in the currency pair. However, the impact of the speech of Janet Yellen was larger than the one of Mario Draghi.
Meanwhile, from a technical perspective it was a perfect break out from the triangle pattern that Dukascopy analysts were talking and writing about constantly. The breakout has occurred to the upside.
In regards to the future situation, it can be expected that the currency rate will reach for the 1.20 mark . However, a full review is required first.
Meanwhile, from a technical perspective it was a perfect break out from the triangle pattern that Dukascopy analysts were talking and writing about constantly. The breakout has occurred to the upside.
In regards to the future situation, it can be expected that the currency rate will reach for the 1.20 mark . However, a full review is required first.
