Throughout August and September, trading the EUR/USD currency pair has been somewhat frustrating for traders, with choppy price action and no clear direction. However, a bullish swing set-up could well be presenting itself, around these levels. Towards the end of July, the pair convincingly breached the multi-year trendline resistance, which has managed to cap further gains since July 2008. Coupled with that the key 23.6 fib retracement level taken from the highs of July 2008 and the lows of January 2017 offered weak resistance, despite intersecting exactly with the multi-year trendline.
The pair now looks set for another leg higher, for a re-test of September 2017 highs (12070s) as a first logical target to watch out for.
The pair now looks set for another leg higher, for a re-test of September 2017 highs (12070s) as a first logical target to watch out for.
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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.