EUR/USD, without a doubt, is trying to continue its rally toward the resistance at 1.1500 or even at 1.1600 visible on the monthly time frame.
On the daily time frame we can see that there is a strong bullish bar that closed yesterday, after which the pair continued rising after the London session opened today.
On its way up the local resistance is around 1.1268 – 1.1270. If the pair breaks out above it, we could expect another rally to 1.1300 – 1.1350.
On the H4 time frame we can see an inverted head and shoulders figure, which serves only to strengthen the expectation that the pair could reach the last high at 1.1268 and decide at that level whether it will continue its consolidation or it will break out to the upside in the next one-two days.
In the alternate scenario the pair will continue consolidating between 1.1100 and 1.1270 for a few more days, but even if that were to happen I still expect an eventual rally. In my opinion, the longer the range lasts, the larger and stronger the rally will be.
It's quite bullish indeed.
ReplyDeleteGood tip! I'll keep it in mind.
ReplyDeleteGood point, will keep it in mind!
ReplyDeleteVery good analysis.
ReplyDeleteGood post.
ReplyDeleteGood insight.
ReplyDeleteCongratulations for your accurate predictions.
ReplyDeleteEyes on ECB next week.
ReplyDelete