The EURUSD has been climbing steadily higher, gaining ground against the US dollar as comments and speculation about further interest rate hikes continue to spur sentiment for the Euro.
With the price approaching the round number resistance level of 1.07, the questions are
1) could price break above the resistance level?
2) could price climb significantly higher toward the next key resistance of 1.08.
With the price at the 1.0688 price level, the current price action looks like a small double top formation is developing.
Overall expectation is for the EURUSD to trade higher, breaking above the 1.07 resistance level, but a brief retracement lower could first happen.
If the EURUSD maintains above the 38.2% Fibonacci Retracement and 1.0665 price level, the uptrend is likely to continue.
With the price approaching the round number resistance level of 1.07, the questions are
1) could price break above the resistance level?
2) could price climb significantly higher toward the next key resistance of 1.08.
With the price at the 1.0688 price level, the current price action looks like a small double top formation is developing.
Overall expectation is for the EURUSD to trade higher, breaking above the 1.07 resistance level, but a brief retracement lower could first happen.
If the EURUSD maintains above the 38.2% Fibonacci Retracement and 1.0665 price level, the uptrend is likely to continue.
Join my mailing list jindaotai.com/joinme
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.
Join my mailing list jindaotai.com/joinme
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.