Difficult to gauge sentiment with the political and economic instability in the US and the EU, albeit less so in the latter.
The pair hit a year high last week of approx 1.075-1.077. There was 4 touches of this high which quickly retraced. Currently, the pair is in a consolidation phase and waiting for breakout. If the the loosely drawn, ascending triangle holds...
EURUSD Daily chart showing a potential bullish crab. If price falls below 1.10 I'll be looking for a dip towards the 1.07 with a bounce from the D point.
AB: 0.382 - 0.618
BC: 0.382 - 0.886
Confirmation was on the higher time frames but a pin point entry was taken.
The previous Daily trend line was broken then we saw price retrace giving traders a great opportunity to sell.
Indecision has been evident on "4H" as we can see on the smaller time frame we can potentially see a break out to the down side
The "Euro" put in a Shooting Star candlestick on a test of resistance against the British Pound.
We could possibly be looking at a bearish move.hinting a turn lower may be ahead. A reversal here may give us a right shoulder with will then proceed to give u a "Head & Shoulders" formation which began from around late June. The current setup that is shown is a simple...