EUR/USD: to the moon pretty soon?
New week, new outlook on EUR/USD. Without further ado, let's line up the technicals with the fundamentals and see what kind of picture is being painted.
Looking at the Weekly timeframe graph, it can be clearly observed that a not-very-symmetric ascending channel that confirms the overall bullish sentiment of the market has been formed. At the moment, the price is rejecting an important key level that lines up with the 50% Fibonacci retracement level derived from the Monthly-timeframe chart. Observing the ongoing development and the recent Weekly candle closures, we might infer that further bullish impulses are possible from the local region of support.
All in all, we will keep monitoring the price build-up and look for long confirmations at the highlighted region before entering BUY positions and aiming for the upside.
Looking at the Weekly timeframe graph, it can be clearly observed that a not-very-symmetric ascending channel that confirms the overall bullish sentiment of the market has been formed. At the moment, the price is rejecting an important key level that lines up with the 50% Fibonacci retracement level derived from the Monthly-timeframe chart. Observing the ongoing development and the recent Weekly candle closures, we might infer that further bullish impulses are possible from the local region of support.
All in all, we will keep monitoring the price build-up and look for long confirmations at the highlighted region before entering BUY positions and aiming for the upside.
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