• EUR/USD came back to retest the 0.9670 former high which stands as support. Its failure to stabilize under this level signaled strong upside pressure.
• 0.9750 high represents the significant upward barrier. In the short term, failure to take out the confluence area from around S1 (0.9550) followed by an aggressive breakout through the downtrend line signaled a new swing higher.
➥ CONCLUSION: Staying above 0.9750 may spark additional growth and generating new long signals. If this scenario plays out, the rate may rise to the statistical support level R1 (0.994).
Good Luck Traders!
• 0.9750 high represents the significant upward barrier. In the short term, failure to take out the confluence area from around S1 (0.9550) followed by an aggressive breakout through the downtrend line signaled a new swing higher.
➥ CONCLUSION: Staying above 0.9750 may spark additional growth and generating new long signals. If this scenario plays out, the rate may rise to the statistical support level R1 (0.994).
Good Luck Traders!