Euro Range Breakout Imminent
Euro has responded to confluent downtrend support this week with EUR/USD poised to snap a six-week losing streak.
The immediate focus is on a breakout of the January opening-range (1.02-1.0448) range for guidance with the broader short-bias vulnerable while above parallel support.
Bottom line: rallies would need to be capped by 1.06 IF price is heading lower on this stretch with a close below 1.02 needed to fuel the next major leg of the decline.
Published an in-depth update on this Euro setup earlier today on Forex.com.
-MB
The immediate focus is on a breakout of the January opening-range (1.02-1.0448) range for guidance with the broader short-bias vulnerable while above parallel support.
Bottom line: rallies would need to be capped by 1.06 IF price is heading lower on this stretch with a close below 1.02 needed to fuel the next major leg of the decline.
Published an in-depth update on this Euro setup earlier today on Forex.com.
-MB
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.