Technical Analysis: EUR/USD pierces top of short-term range
EUR/USD breaks out of the box-like range it had been trading in for the last seven days and pierces above the key 1.0700 level to bring into doubt the durability of the short-term downtrend.
It is now less certain EUR/USD is forming a Bear Flag price pattern as had previously been assumed. The pattern has quite bearish connotations with a potential downside target in the 1.0400s, so if it fails to activate the pair could reverse on the disappointment, with some short-covering adding fuel to the recovery
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.