During last week we were tracking the EURUSD correction and wanted to see evidence of buying activity to signal a resumption of the long-term uptrend. We got that around previous support levels and saw a nice impulsive move up.
Then on Monday's FX market scan, we were tracking what looked like a bull flag on the smaller timeframes, and a potential head and shoulders pattern.
The bull flag broke to the upside nicely and now we've seen a confirmed break of the neckline.
Looks to me that we've got the resumption of the longer-term uptrend with a view to test the previous highs at 1.2342 for a start, and then onto round number 1.2500.
I'm looking to keep re-entering longs after any corrections on the smaller timeframes.
See you at next Monday's FX market scan.
Cheers
Dale
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Then on Monday's FX market scan, we were tracking what looked like a bull flag on the smaller timeframes, and a potential head and shoulders pattern.
The bull flag broke to the upside nicely and now we've seen a confirmed break of the neckline.
Looks to me that we've got the resumption of the longer-term uptrend with a view to test the previous highs at 1.2342 for a start, and then onto round number 1.2500.
I'm looking to keep re-entering longs after any corrections on the smaller timeframes.
See you at next Monday's FX market scan.
Cheers
Dale
Please like and subscribe for more ideas