Today ECB
announced its rate decision and Mario Draghi did his press-conference.
Unsurprisingly, these events had a significant if expected effect on the
market. EUR/USD had formed a hammer candlestick right above the support at
1.0940 visible on the weekly filter chart, which was a good indication that a move to
the upside is about to begin. The move to the upside had already started when
the ECB decision came out, which only caused the pair to climb even higher.
EUR/USD is likely headed for the previous high at 1.1440. Should it break above
that resistance, the pair will probably reach target 1.1570, which is a
significant level of resistance as well.
Great analysis , thank you .
ReplyDeleteExcellent analysis! Will have it in mind!
ReplyDeleteEUR / USD had a sharp rise on Tuesday breaking three resistances at once.
ReplyDeleteI fully agree with your assessment.
ReplyDeleteEur/Usd is heading to the resistance level at 1.1400.
ReplyDeleteThank you for sharing. Interesting read.
ReplyDelete