EURUSD continues to move higher at the end of the week
Greetings, marvelous companions!
The EUR/USD currency pair sustained its upward trajectory, following a positive closure on Thursday and reaching its highest point since April 11 at approximately 1.0750. While the short-term technical analysis indicates potential overbought conditions, the improving sentiment towards risk may assist in propelling the pair higher as we approach the weekend.
On the H2 timeframe, a bullish pattern known as a "cup and handle" formation has begun to emerge, which typically influences our medium-term perspective. Despite encountering resistance in the market, the prices are consolidating at elevated levels with consistent trading activity over a two-hour period. This suggests a gradual approach towards breaking through the resistance line. Once this line is breached, it will initiate a phase of realization and delivery, providing us with a surge of bullish momentum.
The EUR/USD currency pair sustained its upward trajectory, following a positive closure on Thursday and reaching its highest point since April 11 at approximately 1.0750. While the short-term technical analysis indicates potential overbought conditions, the improving sentiment towards risk may assist in propelling the pair higher as we approach the weekend.
On the H2 timeframe, a bullish pattern known as a "cup and handle" formation has begun to emerge, which typically influences our medium-term perspective. Despite encountering resistance in the market, the prices are consolidating at elevated levels with consistent trading activity over a two-hour period. This suggests a gradual approach towards breaking through the resistance line. Once this line is breached, it will initiate a phase of realization and delivery, providing us with a surge of bullish momentum.
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