ClearEdgeFX

EURUSD - WEEKLY TF -1.0500 IN SIGHT?

FX:EURUSD   Euro / U.S. Dollar
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According to the latest forecasts by Goldman Sachs and UBS there's a very good chance that we'll be seeing EURUSD re-testing the 1.0500 level sometime in the next few weeks. Various fundamental factors certainly point that way, so it's worth taking a look at the chart on a higher time frame to see what's really going on. As we can see we've been bouncing inside a fairly extensive range since February of this year. Inside this box, we also have an ascending trendline that's close to being tested. If we see a rejection of this trendline there will be good opportunities to go long, on the other hand if we see a break then it's a given that we'll re-test the 1.0500 level. For us there are two key points to remember: there is no point in waiting for the price to break out of the box because it might take many months before that happens; and secondly, significant market reversals tend to have double-tops or bottoms. Lastly, also worth keeping in mind is that the price could break the 1.0500 level and head towards parity.
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