EURUSD setting up a nice spike and triangle pattern here. 200 moving average holding the falling resistance well for now but the spike is hard to ignore. Seems the bull objective would be a return to the previous highs or a long term level of falling resistance. Currently, price is in the middle of the triangle so no trade here. Will be monitoring for a break in either direction with the possibility of pendulum swings for a return back to the pattern. It's too easy getting caught up in a false breakout so will need some strong confirmation.
- If the bulls to manage to push price higher then ideally we still need strong confirmation. Long term this pair has been grinding lower and doesn't look nice. From this we will need to see some significant moves higher.
- To be a bear in this situation I'm going to be looking for failures for a role reversal. Taking into consideration the economic data coming from EUR I still favour the US economy. Its widely known that we are in a global slow in growth but the US has been stronger than other major currencies. If the price remains under 200ma, I'm still a bear. Aggressive entry would be a bull failure, and a conservative trade would be to wait at a higher price.
- If the bulls to manage to push price higher then ideally we still need strong confirmation. Long term this pair has been grinding lower and doesn't look nice. From this we will need to see some significant moves higher.
- To be a bear in this situation I'm going to be looking for failures for a role reversal. Taking into consideration the economic data coming from EUR I still favour the US economy. Its widely known that we are in a global slow in growth but the US has been stronger than other major currencies. If the price remains under 200ma, I'm still a bear. Aggressive entry would be a bull failure, and a conservative trade would be to wait at a higher price.
Transaction en cours:
Break out of the triangle and through the support level, waiting for test of 1.11 for further entry to 1.10