After the release of news yesterday we seen the U.S Dollar move lower surrounding speculation and uncertainty.
I have broken down this pair looking at it long term and we have two scenarios
1. A possible rising wedge, a break of support "1.2900" and we will have a clear bearish continuation with sellers looking to break "1.2500" and then attack "1.2000"
2. We could potentially see a rise in the U.S economy by the end of the year coming into 2017 despite certain figures being shown. We can see that the "1.2900" mark was previous resistance and is now being tested as new support.
From a long term analytical perspective i have added a chart pattern commonly know as "Cup & Handle" if the dollar does find strength it should be within a couple days we will see price retest its near term highs, with a break aiming for the "1.4000" area and possibly higher
I have broken down this pair looking at it long term and we have two scenarios
1. A possible rising wedge, a break of support "1.2900" and we will have a clear bearish continuation with sellers looking to break "1.2500" and then attack "1.2000"
2. We could potentially see a rise in the U.S economy by the end of the year coming into 2017 despite certain figures being shown. We can see that the "1.2900" mark was previous resistance and is now being tested as new support.
From a long term analytical perspective i have added a chart pattern commonly know as "Cup & Handle" if the dollar does find strength it should be within a couple days we will see price retest its near term highs, with a break aiming for the "1.4000" area and possibly higher