Bullish EUR/USD, higher prices ahead?
Hello everyone,
As you've seen recently, the market's sentiment has shifted in favor of the Euro with countries and borders reopening and getting back to business gradually. The pair has benefited from improvement in balance of risks which, has somehow made the US dollar less attractive and lose its " safe currency " attribution.
This bullish move by the pair has led to a classical flag/pennant pattern seen on the chart above.
We've seen a strong upside momentum when the market broke the upper trend line of the pennant.
A classical pennant pattern is known as a pause of the movement prior to its formation, which in this case is an up move. Therefore, traders should expect higher prices in the next few days.
Nearest resistance is found around 1.1360 followed by March high around 1.15.
Today's Fed meeting will be very important, so trade carefully, safely and most importantly keep your exposure low ahead of the statement.
Good luck
As you've seen recently, the market's sentiment has shifted in favor of the Euro with countries and borders reopening and getting back to business gradually. The pair has benefited from improvement in balance of risks which, has somehow made the US dollar less attractive and lose its " safe currency " attribution.
This bullish move by the pair has led to a classical flag/pennant pattern seen on the chart above.
We've seen a strong upside momentum when the market broke the upper trend line of the pennant.
A classical pennant pattern is known as a pause of the movement prior to its formation, which in this case is an up move. Therefore, traders should expect higher prices in the next few days.
Nearest resistance is found around 1.1360 followed by March high around 1.15.
Today's Fed meeting will be very important, so trade carefully, safely and most importantly keep your exposure low ahead of the statement.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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