The EURUSD pair broke higher during the course of the session on Wednesday, using the 1.10 level as a bit of a springboard. Because of this, the market looks as if it is ready to continue going higher, and we believe that it is only a matter of time before this market continues to go higher.
The EURUSD pair initially fell during the course of the session on Tuesday, but found support just above the 1.09 level in order to form a hammer.
The EURUSD pair initially tried to rally during the course of the day on Wednesday, but then turned back around to test support below.
The EURUSD pair gapped lower at the open on Monday, crashing into the 1.10 handle. This area had enough support in it though to keep the market afloat and we bounced much higher.
The EURUSD pair had a slightly positive session on Wednesday, but quite frankly was a bit on impressive.
EURUSD has been consolidating inside a rising wedge pattern for the past few weeks and is recently showing signs of a breakdown. Price is trading below the 1.1300 handle and may be in for around 200 pips more in losses, which is the same height as the chart pattern.
The EURUSD pair went back and forth during the course of the session on Wednesday, as we found the 1.12 level to be supportive. We believe that this market continues to bounce back and forth as we have no real chance of a significant trade at the moment.
EURUSD stays in the upward price channel on daily chart, and remains in short term uptrend from 1.0462.
With the US dollar continuing to remain under pressure, despite last week’s positive jobs data, and with various central bank governors adding their weight to the mix, it’s a good time to take a quick look at our four major currency futures of the AUD/USD, CAD/USD, EUR/USD and the GBP/USD.
EURUSD stays in the upward price channel on daily chart, and remains in short term uptrend from 1.0462.
