EURUSD – Resistance of Channel is Broken
[You must be registered and logged in to see this image.]
EURUSD had strong bullish momentum today and managed to touch a high of 1.0885 after which we saw downwards retracement towards a low of 1.0802 levels.
We can see that the prices of Euro have now entered into a consolidation channel after which we will be able to see some fresh upside moves.
The resistance of the channel is broken in the daily timeframe.
The Momentum indicator is back over zero in the 4-hourly timeframe indicating the bullish tone present in the markets with immediate targets of 1.0857.
The prices of EURUSD are ranging near the support of the triangle and channel in the weekly timeframe.
In the short term we are now looking at some market consolidation after which the prices will start moving upwards with immediate targets of 1.0857 which is a 14-3 Day Raw Stochastic at 80%.
EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages.
- Euro bullish reversal seen above the 1.0802 mark.
- Short-term range appears to be Mild Bullish.
- EURUSD continues to remain above the 1.0800 levels.
- Average true range ATR is indicating high market volatility.
The next resistance is located at 1.0841 which is a 38.2% Retracement From 4 Week High.
EURUSD is now trading below its Pivot levels of 1.0822 and is moving into a Mild Bullish Channel. The price of EURUSD remains above its Classic support levels of 1.0819 and is moving towards its next target of 1.0857.
Note: This Analytics is created by me and is based on my own personal Forex trading experience of 10 years. I am using my trading experience to help Experienced and Newbie traders and they should know about the risks of Forex trading.
For in-depth analysis, please check FXOpen Blog