EURUSD-Stages a 4-week falling wedge breakout to prolong ranging
EURUSD 1.0663 – neutral – Stages a 4-week falling wedge breakout to prolong consolidation
EURUSD reversed sharply higher off the 1.0520 low (December 3, 2015) near the 1.0519 higher low (April 13, 2015) to break out of a 4-week falling wedge (as shown on the daily chart), signaling scope for further upside towards the 1.0830 resistance area (November 12, 2015 lower high) near 50% of the 1.1095/1.0520 fall. Above there lies the 1.0897 low (October 28, 2015) near 61.8% of the 1.1095/1.0520 fall. This 1.0830/1.0897 zone may cap the current consolidative phase. Back below 1.0520 would resume weakness towards the 1.0461 YTD low (March 13, 2015).
Outlook:
Intraday: bullish
Daily: neutral
Weekly: bearish
EURUSD reversed sharply higher off the 1.0520 low (December 3, 2015) near the 1.0519 higher low (April 13, 2015) to break out of a 4-week falling wedge (as shown on the daily chart), signaling scope for further upside towards the 1.0830 resistance area (November 12, 2015 lower high) near 50% of the 1.1095/1.0520 fall. Above there lies the 1.0897 low (October 28, 2015) near 61.8% of the 1.1095/1.0520 fall. This 1.0830/1.0897 zone may cap the current consolidative phase. Back below 1.0520 would resume weakness towards the 1.0461 YTD low (March 13, 2015).
Outlook:
Intraday: bullish
Daily: neutral
Weekly: bearish