EUR/USD TAKES A BREATH, BUT MORE STRENGTH STILL LOOMING
Hi traders, here's an update on EUR/USD which broke above a bullish wedge pattern last week.
As you know, we've been bullish on the pair and entered with a long position in our Trading Club.
Today, the up-move is having a break and the daily candle prints a doji pattern. Still, when looking on the 4-hour chart, we can see a pullback/retest of the previously broken shorter-term resistance (which is now acting as support.)
The RSI managed to break above recent highs, which may signal a slight hidden bearish divergence. Still, we're not bearish at least until the price slips below 1.10 again.
Bear in mind that the chances of the Fed cutting rates are rising after the recent string of weak US data.
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As you know, we've been bullish on the pair and entered with a long position in our Trading Club.
Today, the up-move is having a break and the daily candle prints a doji pattern. Still, when looking on the 4-hour chart, we can see a pullback/retest of the previously broken shorter-term resistance (which is now acting as support.)
The RSI managed to break above recent highs, which may signal a slight hidden bearish divergence. Still, we're not bearish at least until the price slips below 1.10 again.
Bear in mind that the chances of the Fed cutting rates are rising after the recent string of weak US data.
Find our analysis useful? Please support us by hitting the "LIKE" button. Thanks!
