EUR/USD: Will Rally Continue? |


Strong rally in to a fraction of a pip above the July 30 high.

The bulls want the rally to continue to above the June 25 lower high.


Unless they get consecutive closes above the July 30 high, there should be a pullback over the next week. It could be sideways or down.

Yesterday was a bear day and today so far is a bear day. If it remains a bear day, there will probably be a couple small legs down to below the Aug. 13 high over the next couple of weeks.

There have been 3 pushes up in the bull channel from the Aug. 20 low. That is a parabolic wedge buy climax, and it often will attract profit taking. Increased chance of a pullback this week.

See also  GBP/USD Range Trade |

The bears want a reversal down from a buy climax and a double top. They then want a breakout below the Aug. 20 neckline of the double top and a measured move down.

It is more likely that a reversal down will be minor and form a higher low at around a 50% pullback and the July 21 low.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  TA: Bitcoin Resumes Uptrend, Here’s Why BTC Could Rally Above $60K

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read more here