Good Morning traders! We want to show you this important event that is happening in the EUR/USD. This idea can benefit those who have bullish positions in this pair, or who are looking for a trade in that direction, as it has great potential. The accelerated sell of the dollar due to inflationary issues in the United States supports the technical vision we have at the moment.
🔸Technical Overview:
- Clear uptrend for more than a year. We can use the Ascending Trendline to mark it, and we see how recently the price respected it perfectly.
- During almost all of 2021, the price has been in a consolidation process. A decrease of approximately 5% from the top to the low.
- During the last weeks, we have seen a strong upward movement, which managed to break the trend line of the retracement.
- From the current price level, our target is 3% above, in the 1.2500 area.
- The reason why we marked that area as a target is that it was the level where the price found a strong supply for the last time.
In the Weekly chart you can see that area:
🔸Technical Overview:
- Clear uptrend for more than a year. We can use the Ascending Trendline to mark it, and we see how recently the price respected it perfectly.
- During almost all of 2021, the price has been in a consolidation process. A decrease of approximately 5% from the top to the low.
- During the last weeks, we have seen a strong upward movement, which managed to break the trend line of the retracement.
- From the current price level, our target is 3% above, in the 1.2500 area.
- The reason why we marked that area as a target is that it was the level where the price found a strong supply for the last time.
In the Weekly chart you can see that area: