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One pair that naturally has everyone’s attention is EURUSD. Is the pair on the cusp of a major rally or is this just another relief rally that will flounder under continued selling pressure?
The answer to that question remains elusive, but if I had to wager a guess I would say that the upcoming trading week will provide us with a major clue.
Last week the bulls managed to break channel resistance that is best seen on the 4 hour chart. This level had held since April 6th, rejecting buyers on three separate occasions.
Now that this level is broken we can turn our attention to horizontal support and resistance that will play a role in the week ahead. In the immediate vicinity of last week’s close we have support at 1.0800 and key resistance at 1.0904.
The market is too close to resistance to justify buying and too close to support to justify selling. That said, with last week’s break of channel resistance the upside does look to be the more favorable option over the coming sessions.
Summary: Standing aside for now. A daily close above 1.0904 could trigger a rally to 1.1035. Break that and we could see a much larger rally develop over the coming weeks. Alternatively, a daily close back below 1.0800 would see the 1.0658 support level come into play once more.
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source
One pair that naturally has everyone’s attention is EURUSD. Is the pair on the cusp of a major rally or is this just another relief rally that will flounder under continued selling pressure?
The answer to that question remains elusive, but if I had to wager a guess I would say that the upcoming trading week will provide us with a major clue.
Last week the bulls managed to break channel resistance that is best seen on the 4 hour chart. This level had held since April 6th, rejecting buyers on three separate occasions.
Now that this level is broken we can turn our attention to horizontal support and resistance that will play a role in the week ahead. In the immediate vicinity of last week’s close we have support at 1.0800 and key resistance at 1.0904.
The market is too close to resistance to justify buying and too close to support to justify selling. That said, with last week’s break of channel resistance the upside does look to be the more favorable option over the coming sessions.
Summary: Standing aside for now. A daily close above 1.0904 could trigger a rally to 1.1035. Break that and we could see a much larger rally develop over the coming weeks. Alternatively, a daily close back below 1.0800 would see the 1.0658 support level come into play once more.
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source
