ridethepig | MAJOR BREAKOUT IN PLAY FOR EURUSD
With Fed & ECB cleared a good time to update the EURUSD chartbook:
We have positioned live in two textbook cases:
For the technicals EURUSD remains rangebound till we break above the highs. Only a close above will suggest a more important base is in place and upgrade my thesis to a conviction. Plenty of resistance above the market, I see scope for 1.16 in 2020 but would expect this to attract some profit taking. Good luck to those trading EURUSD already in longs or for those waiting patiently on the sidelines for the breakout to form.
Thanks for keeping your support coming with likes and jumping into the comments!
We have positioned live in two textbook cases:
For the technicals EURUSD remains rangebound till we break above the highs. Only a close above will suggest a more important base is in place and upgrade my thesis to a conviction. Plenty of resistance above the market, I see scope for 1.16 in 2020 but would expect this to attract some profit taking. Good luck to those trading EURUSD already in longs or for those waiting patiently on the sidelines for the breakout to form.
Thanks for keeping your support coming with likes and jumping into the comments!
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EUR chopping through the 1.11xx handle and continuing its slow grind higher. We will need assistance from European macro numbers to make the move impulsive in nature (no surprises yesterday’s PMIs suggest some early signs of stabilising). Services continue to do the heavy lifting while manufacturing lags badly thanks to protectionism. I will add on dips and ride the pig with reassessment only necessary below 1.110x.
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Eyes on the break
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