The EURUSD pair
remains very calm, despite big volatility on stocks
and commodities. It was trading at 0.25 percent stronger on Tuesday, hovering
at around 1.1380 during the London session, while it was stuck in a bigger
triangle pattern.
The upper line of this triangle is near the
1.14 level and if broken, the bullish momentum could accelerate further, and
the next target could be at November highs at 1.15, where the 100-day moving
average is also located.
On the downside, the lower line of the triangle
is seen near 1.1330 and if broken to the downside, the next stronger support
could be at 1.13 and then it could move to the current cycle lows at 1.1210.
Volatility has been minimal lately, which
could change when this triangle pattern is broken to either side. The RSI
indicator is not showing any help at the moment, as it also remains stuck in a
narrow range.
The Dollar index rose strongly on Monday
and it is now nearing the short-term bearish trend line at 97.25. If bulls
manage to conquer this level, the EURUSD
pair will most likely drop below the mentioned lower trend line of the
triangle.
Disclaimer:
Analysis and opinions provided herein are intended solely for
informational and educational purposes and don't represent a recommendation or
an investment advice by TeleTrade. Indiscriminate reliance on illustrative or
informational materials may lead to losses.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.