EUR/USD has
been steadily moving to the upside for quite a while now – since March this
year, but it appears that there will likely be at least a temporary retracement
before the pair continues rallying. The pair has formed a very clear shooting
star candlestick on the daily time-frame at 1.2070 and has already begun moving
to the downside. The closest target is likely around 1.1830, which is the
(MA)89 indicator on the four-hour time-frame. Should the pair break out below
that support level as well, it will likely continue falling towards 1.1660 or
even 1.1600. On the other hand, if or when the pair does break out above 1.2070
the rally will likely continue towards 1.2100 – 1.2200.
A correction could be underway.
ReplyDeleteA pullback was inevitable.
ReplyDeleteUnexpected pullback on the EURUSD.
ReplyDeleteVery helpful analysis, thanks!
ReplyDeleteNorth Korea started to weight in.
ReplyDelete