After a strong rally from around 1.03 to the 1.10s, EURUSD traders now appear undecided. The white line shown is the 17-year-long trendline, which is currently acting as major resistance. However, this is not a typical short-term resistance level, it's more appropriate to focus on weekly and monthly closes around this area.
Still, its presence alone is enough to give Euro bulls something to think about.
For more context about long-term outlook, please check our earlier post below:
In the short term, the chart has taken the shape of a descending triangle. If the
DXY bounces, EURUSD may face some downward pressure. 1.0880 seems to be the support to follow for direction. Although descending triangles are typically bearish patterns, this one still has a chance to break to the upside due to supportive fundamentals.
In either case, the medium- to long-term outlook for EURUSD is turning increasingly bullish.
Still, its presence alone is enough to give Euro bulls something to think about.
For more context about long-term outlook, please check our earlier post below:
In the short term, the chart has taken the shape of a descending triangle. If the
DXY bounces, EURUSD may face some downward pressure. 1.0880 seems to be the support to follow for direction. Although descending triangles are typically bearish patterns, this one still has a chance to break to the upside due to supportive fundamentals.In either case, the medium- to long-term outlook for EURUSD is turning increasingly bullish.
Trade active
Upward breakout happened, now the real resistance is tested again. I don't see an upward break at the moment but in this crazy market, a false breakout is a possibility in short term. My base case is that the EURUSD to retreat back to around 1.0950.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.