The EUR/USD pair tried to rally during the session on Thursday, mainly predicated upon the fact that the statement from the ECB failed to mention any type of immediate actions to quell the rise of the Euro. The 1.40 level has been rather resistive, and on top of that the European Central Bank has suggested that the 1.40 level is in fact a bit too rich for their liking.
The EURUSD pair rose during the session on Tuesday, after the Germans printed better than anticipated numbers with the Services PMI announcement.
EURUSD is now in uptrend from 1.3775.
EURUSD is trading inside a symmetrical triangle on its 4-hour time frame as traders can’t quite establish a clear direction on the pair. Price is testing the top of the triangle around the 1.3875 levels but stochastic is reflecting selling pressure.
EURUSD is facing 1.3879 resistance, a break above this level will signal resumption of the uptrend from 1.3672, then next target would be at 1.3950 area.
EURUSD broke above 1.3864 resistance. However, the rise from 1.3785 is likely consolidation of the downtrend from 1.3905,
The EURUSD pair went back and forth during the session on Thursday, ultimately settling on a slightly positive candle.
EURUSD failed to break above 1.3864 resistance, indicating that the pair remains in downtrend from 1.3905, the rise from 1.3785 could be treated as consolidation of the downtrend.
This week market participants are getting a flurry of global economic data that has been and continues to have the potential to move the currency markets.
EURUSD remains in downtrend from 1.3905, the rise from 1.3790 could be treated as consolidation of the downtrend.
