#EUR/#USD – shift in trend or just a relief rally? The #euro overall has been in a significant bearish trend which started in May, the currency has fallen from highs of 1.3990 to lows of 1.2500 the reason for such an aggressive sell-off has been the #ECB and continued dovish comments from the ECB president Mario #Draghi. However over the past week there has been a slight relief rally for the currency rallying to highs of 1.2885 yesterday. Currently the EUR/USD is forming a consolidation channel and an upside continuation pattern. A clear break above 1.2885 could be a great trend continuation trade as this would open up 1.3000 as the next level of resistance. We should encounter some strong resistance at 1.3000, this could be a level where sellers may come in as buyers look to bank some profits. Stay tuned for #fx updates and #trading #analyses at cwmfx/
Posted on: Fri, 17 Oct 2014 11:15:01 +0000
Trending Topics
Recently Viewed Topics
© 2015