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    EUR/USD: upside bias pre-FOMC due to earlier trend-line break

       
    The pair has broken above a down-sloping trend-line and is currently consolidating on support at 1.1045. The break above the trend-line is a very bullish sign which could on its own generate a target at 1.1240.

    In the very short-term, however, there is a possibility the pair could move lower as it completes the C wave of a possible a-b-c correction; this would probably see it go down to 1.1018 next.

    The mini-up-trend, however, is forecast to resume eventually, taking the pair up towards the 1.11s and the monthly pivot. One major obstacle is the 50-day at 1.1100.

    A break higher would be confirmed by a move above 1.1120 with a target at the pivot at 1.1154. A break above 1.1174 would indicate a probable move up to 1.1240.
    EURUSD29model

       
    The pair has broken above a down-sloping trend-line and is currently consolidating on support at 1.1045. The break above the trend-line is a very bullish sign which could on its own generate a target at 1.1240.

    In the very short-term, however, there is a possibility the pair could move lower as it completes the C wave of a possible a-b-c correction; this would probably see it go down to 1.1018 next.

    The mini-up-trend, however, is forecast to resume eventually, taking the pair up towards the 1.11s and the monthly pivot. One major obstacle is the 50-day at 1.1100.

    A break higher would be confirmed by a move above 1.1120 with a target at the pivot at 1.1154. A break above 1.1174 would indicate a probable move up to 1.1240.
    EURUSD29model


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