EURUSD - Bullish momentum suggests scope for further upside
EURUSD 1.1415 – s-t neutral – Bullish momentum suggests scope for further upside
EURUSD staged a 2-week rally to reach 1.1460 (September 18, 2015 high), retracing just shy of 61.8% of the 1.1713/1.1086 fall. Daily technical indicators remain positive, hinting at scope for further gains. While the pullback finds support in the 1.1373/1.1331 zone (September 14/1, 2015 highs), the next upleg through 1.1460 would challenge 1.1477 then possibly 1.1560 where the 16-month falling trendline (from May 5, 2014 high) lies. A decisive break through the resistance cluster is key to turning the long-term structure bullish. However, a deeper pullback below the 1.1331 area would reopen the 1.1283 low (September 17, 2015).
Outlook:
Intraday: neutral
Daily: bullish
Weekly: neutral
EURUSD staged a 2-week rally to reach 1.1460 (September 18, 2015 high), retracing just shy of 61.8% of the 1.1713/1.1086 fall. Daily technical indicators remain positive, hinting at scope for further gains. While the pullback finds support in the 1.1373/1.1331 zone (September 14/1, 2015 highs), the next upleg through 1.1460 would challenge 1.1477 then possibly 1.1560 where the 16-month falling trendline (from May 5, 2014 high) lies. A decisive break through the resistance cluster is key to turning the long-term structure bullish. However, a deeper pullback below the 1.1331 area would reopen the 1.1283 low (September 17, 2015).
Outlook:
Intraday: neutral
Daily: bullish
Weekly: neutral
