Thursday, December 28, 2017

EUR/USD Resumed The Upward Trend


EUR/USD resumed its upward trend and it looks like it will keep rallying. The rally may continue toward the resistance zone around 1.2000 - 1.2090 (in blue) but it is still hard to say whether the correction that began on 8th September 2017 from 1.20922 is over or not.

These are the possible scenarios:

In my opinion, the first scenario is that the pair will reach the resistance zone around 1.2000 - 1.2090 (in blue) and if that resistance holds then there will be a drop to 38.2% Fibo.

The second scenario is a breakout above the last high at 1.2092 and a continuation of the rally. The next resistance is around 1.2350.

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