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- EUR/USD Technical Strategy: Flat
- Euro rally fizzles at Three-week excessive however breakdown unconfirmed
- Waiting for costs to resolve congestion, present actionable setup
A Euro spiked as much as a three-week excessive towards the US Dollar however momentum pale, leaving the only foreign money inside the bounds of an eleven-month down development. At the identical time, the shorter-term up transfer set from mid-December 2016 is but to be invalidated, making for congested positioning.
A day by day shut again under the now-familiar inflection level at 1.0682 opens the door for a check of the 1.0570-90 space (April 10 low, development line). A dense wall of resistance lies between the 38.2% (1.0780) and 50% (1.0853) Fibonacci enlargement ranges, an space bolstered by falling development resistance set from early May 2016.
After booking initial profits on half of the EUR/USD brief commerce activated at 1.0684, remaining publicity stopped out at breakeven. Current positioning doesn’t seem to supply an actionable setup to enter one other commerce. Opting for the sidelines appears most
SOURCE: Daily Forex Signals – Read complete story here.