Send me real-time posts from this site at my email
Fan Yang

EUR/USD Appears to be on a Bullish Continuation Swing

EUR/USD has been bullish in 2017, but had its largest correction in the past couple of months. $EURUSD fell from 1.21 to just below 1.16 before rebounding and breaking above the correction pattern.

EUR/USD Daily Chart

(click to enlarge)

Falling Wedge:
- The noted correction pattern was a falling wedge or pennant. 
- But in the second half of November, price has already broken above this pattern thus signaling bullish continuation.
- Also note that the RSI held above 40 for the most part, a sign that the bullish momentum in 2017 is still alive.
- The current rally thus has upside to 1.21, and perhaps higher, in-line with the prevailing wind. 
- The 1.6660 area will be a key support so if price makes another dip, monitor this area for support. Below 1.6650, we are likely seeing continuation of the consolidation/correction mode. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue