DariusAnucauskas

EURUSD - Daily - Watch the breakouts

FX:EURUSD   Euro / U.S. Dollar
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Eeeemmm, do we really want to break out of this beautiful channel?
Hmmm...
Let's find out. Personally, I would LOVE to see a continuation of this channel. Hit the upper trendline and sell-off. Because on a Monthly chart, this would flag out perfectly for some more downward pressure. But, for now, this is a tricky one to play.
If it closes above that, then we're looking for some more upside. But if the upper trend of the channel holds, then it wouldn't be a bad SELL. But you'll be the judge.

As always, keep an eye on the price action!

Comments

Agreed! It's a really nice run at the moment.

Just to add from the monthly perspective, there was a Morning Star formation in March which ultimately ended up bullish and seems to continue right now into May, so far. Weekly, there was a Doji end of April with Bulls breaking the reversal and taking control continuing the uptrend and the daily definitely shows long bullish behaviour and control.

And agree again, that indeed, we need to observe the action as it's been a long run of greens. It should be fine if bought earlier (days) as it's a tidy profit if we close on sign of bearish patterns. With external factors such as recent Oil events and OPEC showing signs of not limiting supply, the US supply is increasing so this may lend to the continuing trend here.

Finger crossed!
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