EUR/USD Heading Higher within Channel Pattern
The 60 minute EUR/USD has formed a Continuation Channel Up Emerging pattern as price rallied through 1.4200. Recent corrections to 1.4143 and 1.4210 show there is buying support on short and longer term intraday weakness.
On the 60 minute chart the current uptrend line support is just above the 1.1400 level. The Initial Trend reading is lower than a stronger trend would typically have. This shows there is some resistance building below the 1.4250 level.
On the daily chart of the EUR/USD there is resistance waiting higher up at 1.4363 and 1.4340. This resistance area has been the ceiling so far this year. A Continuation Ascending Triangle Emerging pattern is also forming on the horizontal level. However, seeing the pattern is so large, the probable scenario is: either a breakout buy through this year's 1.4363 high, or a more aggressive short set up off rejection at that same level.
For further information, visit http://autochartist.com
On the 60 minute chart the current uptrend line support is just above the 1.1400 level. The Initial Trend reading is lower than a stronger trend would typically have. This shows there is some resistance building below the 1.4250 level.
On the daily chart of the EUR/USD there is resistance waiting higher up at 1.4363 and 1.4340. This resistance area has been the ceiling so far this year. A Continuation Ascending Triangle Emerging pattern is also forming on the horizontal level. However, seeing the pattern is so large, the probable scenario is: either a breakout buy through this year's 1.4363 high, or a more aggressive short set up off rejection at that same level.
For further information, visit http://autochartist.com
- 20 July |
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