$EURUSD Breakout or Breakdown!
Updated
The EUR/USD has opened this week’s trading just under monthly highs found at 1.0774. Technically this point remains significant as the EUR/USD is again trending higher in the short term. If the pair successfully rallies above this point, traders may then look for a bullish breakout to carry the EUR/USD towards 1.0829 and then 1.0854. A move above 1.0854 would suggest a longer term trend change, as the EUR/USD would be trading back above its 200 day MVA (simple moving average) for the first since October 2016.
However in the event that the EUR/USD turns lower this week, traders should first look for the pair to first challenge its 10 day EMA (exponential moving average) at 1.0700. This line is currently acting as a value of support, and a bearish breakout here would suggest a change in short term momentum for the pair. A broader bearish decline may expose other values of support, which includes the March 14th low at 1.0600 and the March 9th swing low at 1.0525.
However in the event that the EUR/USD turns lower this week, traders should first look for the pair to first challenge its 10 day EMA (exponential moving average) at 1.0700. This line is currently acting as a value of support, and a bearish breakout here would suggest a change in short term momentum for the pair. A broader bearish decline may expose other values of support, which includes the March 14th low at 1.0600 and the March 9th swing low at 1.0525.
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