The euro cross failed to gain a footing above the neckline at 1.6620 (four-hour chart) and was unable to close above 50MA aswell. Whereas it has erased the six-month descending trendline and closed above.
The daily indicators give a mixed outlook as the daily RSI lacks conviction besides oscillator is remaining bullish. Support at the right shoulder has held firm in Monday keeping momentum in favors of the upside, however waiting for the neckline breakout is the best strategy.
To confirm a change in the trend, the price needs a break through the neckline, in this case, 1.6710 its 100MA and 1.6730 it’s 100.fe achievable.
On the downside, support finds at 1.6480 and 1.6430/1.6400. A break below the shoulders spread between 1.6430/1.6400 may trigger losses towards 1.6330/1.6300 levels.http://www.keytomarkets.com/blog/blog/ktm-fx-daily-should-traders-bet-on-this-euro-cross/
The daily indicators give a mixed outlook as the daily RSI lacks conviction besides oscillator is remaining bullish. Support at the right shoulder has held firm in Monday keeping momentum in favors of the upside, however waiting for the neckline breakout is the best strategy.
To confirm a change in the trend, the price needs a break through the neckline, in this case, 1.6710 its 100MA and 1.6730 it’s 100.fe achievable.
On the downside, support finds at 1.6480 and 1.6430/1.6400. A break below the shoulders spread between 1.6430/1.6400 may trigger losses towards 1.6330/1.6300 levels.http://www.keytomarkets.com/blog/blog/ktm-fx-daily-should-traders-bet-on-this-euro-cross/