Confirmed EU USD break out of a 10 year lasting downtrend?
Is this a confirmed EU USD break out of a 10 year downtrend?
The trend line connecting the highs since 2011 seems to be broken to the upside at the end of last July.
That was about time considering the RSI (below) and price divergence developing for the last 2 years.
How many weeks it may take to get to a 50% retrace from the May 2014 high to the low of 2016-2017, if this ushers in a trend reversal, is a big question, especially given the current global economics.
It is now at the top of a preliminary drawn channel at the right, where it might as well pop out. But a decent back test of the trend line also has not yet come to pass at this time...
Might it reach the 50%, a continuation to the .618, and a bit above, seems obvious.
When 127.5, a significant support/resistance level, is breached and confirmed, a target of (almost) 140 and then 150 might be next because these levels are both fib-nodes (1 and 1.272) and significant resistance levels looking left.
But tomorrow, it can all be different, and it will be, a lot, or just a little.
Thanks for your time!
The trend line connecting the highs since 2011 seems to be broken to the upside at the end of last July.
That was about time considering the RSI (below) and price divergence developing for the last 2 years.
How many weeks it may take to get to a 50% retrace from the May 2014 high to the low of 2016-2017, if this ushers in a trend reversal, is a big question, especially given the current global economics.
It is now at the top of a preliminary drawn channel at the right, where it might as well pop out. But a decent back test of the trend line also has not yet come to pass at this time...
Might it reach the 50%, a continuation to the .618, and a bit above, seems obvious.
When 127.5, a significant support/resistance level, is breached and confirmed, a target of (almost) 140 and then 150 might be next because these levels are both fib-nodes (1 and 1.272) and significant resistance levels looking left.
But tomorrow, it can all be different, and it will be, a lot, or just a little.
Thanks for your time!