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EURUSD FX Signal: Can it Trade Higher?EURUSD posted some gains due in recent days due to the Fed Powell's speech at Jackson Hole (online speech). Powell affirmed the Fed will opt for average inflation while assuring rates will remain low. The new inflation framework weakened USD against a basket of currencies. The impact of the new framework may last for some time but due to the upcoming US elections the polls may begin affecting USD as we near November. There has been a 4hr breakout in EURUSD as seen on the chart. As the currency pair was held in a range for some time it may pave the way for further gains.as The potential target is around 1.2040. As this is a 4hr chart it may take some time as opposed to a similar technical setup on a 15min chart for example. It should not take more than 48 hours. The breakout may remain valid as long as EURUSD does not post a 4hr close above 1.1950.
Long
by DDMARKETS
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