Dear Traders, EUR/USD Bulls have cleared the minor hurdle at 1.1150 quite easily and taken the price above 1.12.
In my last update, I wrote about the possibility of US Dollar entering a new weak cycle.
The possibility of EUR/USD breaking this 2 year consolidation phase is very high now and as per my analysis, EUR/USD could trade closer to 1.22 in the next 5-6 months.
However, that's a very long-term prospect and I don't let long-term bias cloud my trading decisions.
Bulls are still strong and looks prepared to take the price to 1.1480. However, there could be some profit taking and a small pullback for the USD Dollar to the upside.
So, new buyers can go long on EUR/USD if a small correction happens and ride the next leg up till 1.1480.
In my last update, I wrote about the possibility of US Dollar entering a new weak cycle.
The possibility of EUR/USD breaking this 2 year consolidation phase is very high now and as per my analysis, EUR/USD could trade closer to 1.22 in the next 5-6 months.
However, that's a very long-term prospect and I don't let long-term bias cloud my trading decisions.
Bulls are still strong and looks prepared to take the price to 1.1480. However, there could be some profit taking and a small pullback for the USD Dollar to the upside.
So, new buyers can go long on EUR/USD if a small correction happens and ride the next leg up till 1.1480.
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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.
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.