EUR/USD: rallying into resistance
The exchnage rate has leapt higher and if it can break through resistance from the lower borderline of the triangle then it could signal a reversal - however it is too early to say yet whether that will happen. The next target higher would be at 1.4300 where there is a cluster of moving averages, however a resumption of the bearish trend would be expected to find support at the old lows: firstly 1.4015 and then 1.3840.
Analysis by: Joaquin Monfort
Forex4you analyst
Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Linear Mode
