EUR/USD: Finding ST trades after long term support held
We talked about this the other week, but no harm in repeating important ideas. The USD is weak.
And it's probably no coincidence that the Federal Reserve is deciding interest rates this week - and most economists expect them to cut interest rates - which all else being equal - is bearish for the US dollar.
The EUR/USD is still bullish in our view since its breakout of a long term triangle pattern.
The major overhead resistance was at 1.11 - this is now being tested as support after breaking.
In the shorter term, EUR/USD appears to have completed a 200 pip pullback from 1.12 to 1.10.
If that’s the case - we are looking for a continuation move up and over 1.2 and for the bigger picture triangle breakout to extend further up to first 1.13 then possible 1.17.
But that’s just what we think, do you agree or disagree?
Send us a message and let us know
Happy Trading!
Jasper, WeTrade Market Analyst and Founder of Trading Writers.
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