EUR/USD – Week 2 – Price losing momentum
Updated
The Euro continues to rally against the U.S. Dollar, but over the past few weeks has lost substantial momentum. This doesn’t mean the Euro rally is on the verge of ending, but if it continues to act like this it might not take much to break the upward channel structure.
It currently broke the bottom of the channel, but we will wait and see if it can hold and turn back higher as it has been doing on each little dip in recent weeks. In the medium term our bias stands for a price devaluation, acting as a consolidation on the bigger timeframe, in order to gather more momentum for the Weekly bullish trend. If the price can hold the channel, then we think it will rally to a new cycle high above 1.2349.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
It currently broke the bottom of the channel, but we will wait and see if it can hold and turn back higher as it has been doing on each little dip in recent weeks. In the medium term our bias stands for a price devaluation, acting as a consolidation on the bigger timeframe, in order to gather more momentum for the Weekly bullish trend. If the price can hold the channel, then we think it will rally to a new cycle high above 1.2349.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Trade closed: target reached
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