justatrader

EURUSD - Which Way???

FX:EURUSD   Euro Fx/U.S. Dollar
324 1 5
Follow up from previous analysis, EURUSD             made it to 1.25122 handle and a bit higher. Looks to be forming another flag pattern here, but its not completed yet. But the consolidation at this level is enough to hint that price could move either way.

Today's price opened above the previous support level , so its tricky at the moment. If 1.25122 comes in as support, we could see a rally to the previous flag's break out at 1.2713. If price closes below 1.25122, then a break of the flag could see eventual declines to 1.20263.

Question is: Last month's FOMC was hawkish. Will the minutes be hawkish enough for Euro             to decline?

Fundamentally, recent Eurozone data has been supportive of the Euro             , so it will take a bit more than usual for EURUSD             to clear way for declines.
Nice work.
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