After
consolidating for almost two weeks above the support at 1.1570 – 1.1560 EUR/USD
finally bounced off from it and started moving to the upside. This came as no
surprise, as the pair had formed distinct hammer candlestick as well as an
inverted hammer candlestick on the daily time-frame, and a clear spinning top
candlestick on the weekly time-frame, all above the aforementioned support.
Currently the pair is back at 1.1655 – 1.1660, which is the (MA)89 indicator on
the daily time-frame that has served as a resistance ever since the sideways
consolidation began. If there is finally a proper breakout above that
resistance the pair will likely rise towards 1.1800 again.
Today the pair moved higher supported by the weakened US dollar, mostly due to the tax reform delay talks.
ReplyDeleteLet's see whether the correction is over.
ReplyDeleteUpside seems capped.
ReplyDelete