NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

EUR/USD Bulls Push Par Above January High

Published 01/10/2023, 11:22 PM
Updated 07/09/2023, 06:31 PM
EUR/USD
-

EUR/USD Daily Chart

  • Bulls got a strong entry bar following last Friday’s strong outside up bar.
  • Bulls want an upside breakout above the January high; however, even if they get it, the odds favor sellers not far above.
  • The daily chart has been in a bull channel since the November 21st low and is likely evolving into a trading range.
  • On the higher time frame charts like the weekly chart, the rally from October is a strong reversal up from the tight bear channel that began back in early 2021.
  • This reversal up on the weekly chart is still probably a minor reversal up, which means the bulls will probably need a higher lower to get a major trend reversal and a second leg up.
  • This means that the EUR/USD could easily sell off 300 pips before the bulls get a higher low major trend reversal setup.
  • Overall, traders should expect mostly sideways trading over the next few weeks.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.