The $EURUSD pair seems to have found support at 1.2295 on the 240 minute chart. This pair recently came up to 1.2351 before falling to 1.2295 and spending several bars there without any bars closing below that level. The RSI is below 50 so I believe that the upward move still has steam in the tank to climb up. I am aiming for 1.2560 which is a retest of the previous highest point on the 240 minute chart. However 1.2415 presents a challenging level to break through, so price may bounce from that level and roll over or may bounce from that level before continuing higher to 1.2560.
The daily chart on this pair has been bullish since November 07, 2017 after the head and shoulders pattern. This leads me to believe that we will see a trend extension or a reversal pattern around 1.2560 as there has been news that USD has been improving its fundamentals, which could cause $EURUSD pair to lose momentum. If this happens we may see a bounce at 1.2415 as the pair enters a bearish trend or consolidation.
$EURUSD on the 1 hour chart has been moving sideways all week. This sideways motion is tempering my expectations of a bullish trend extension as I see sideways movement as an indicator that something has changed with the markets psychology and traders are re-adjusting their positions around. If you enter a trade based off this idea, enter with caution and I personally would not enter with my largest position size on this trade.
The daily chart on this pair has been bullish since November 07, 2017 after the head and shoulders pattern. This leads me to believe that we will see a trend extension or a reversal pattern around 1.2560 as there has been news that USD has been improving its fundamentals, which could cause $EURUSD pair to lose momentum. If this happens we may see a bounce at 1.2415 as the pair enters a bearish trend or consolidation.
$EURUSD on the 1 hour chart has been moving sideways all week. This sideways motion is tempering my expectations of a bullish trend extension as I see sideways movement as an indicator that something has changed with the markets psychology and traders are re-adjusting their positions around. If you enter a trade based off this idea, enter with caution and I personally would not enter with my largest position size on this trade.