EURUSD : STAIRCASE TO HEAVEN
- The market has been trading within an ascending channel since mid-February. The short-term trend, fueled by the growing prospect of rate cuts in the United States, is therefore bullish.
- Technically speaking, we can see that the surge in price since the rebound over 1.0700 has been very gradual, punctuated by very short-term correction phases, like a staircase.
The market has just validated its second flag figure, putting an end to a new very short-term consolidation.
The 13 and 21 period moving averages are still bullish, supporting the rise, while the RSI has just recorded a strong rebound at the crucial 50% zone.
- This is a bullish situation for the market. The validation of this second flag opens the way to a new short-term bullish potential towards 1.0993, 1.1015 or even higher.
The absence of bearish signs on technical indicators supports this scenario.
That said, a break of 1.0937 would invalidate this hypothesis.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Technically speaking, we can see that the surge in price since the rebound over 1.0700 has been very gradual, punctuated by very short-term correction phases, like a staircase.
The market has just validated its second flag figure, putting an end to a new very short-term consolidation.
The 13 and 21 period moving averages are still bullish, supporting the rise, while the RSI has just recorded a strong rebound at the crucial 50% zone.
- This is a bullish situation for the market. The validation of this second flag opens the way to a new short-term bullish potential towards 1.0993, 1.1015 or even higher.
The absence of bearish signs on technical indicators supports this scenario.
That said, a break of 1.0937 would invalidate this hypothesis.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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