Yesterday’s session was definitely bullish, but besides breaking last week’s maximums, it did not bring any significant answers about the possible end of the recent side trend. Tuesday started with an upswing that set new highs, just below the highs of April 19, which currently plays the role of the closest resistance. The next resistance is 1.32, the top from April 16 and 17. We can also see that the price respects the 38.2 and 23.6 Fibonacci levels that show bullish retracements of the long bearish trend that lasted from the beginning of February till the beginning of April.
EUR/USD" title="EUR/USD" width="623" height="262">
The closest supports are 1.3080 and 1.2990. As long as the price stays between those S/R levels, we can say that EUR/USD is dominated by the horizontal trend. Breaking one of the Fibonacci lines and the S/R level close above/below that level can give us a sign of the possible larger movement that will later occur. For now, it is still too early to tell, especially when Thursday will bring us the ECB conference and their decision about the interest rate. We advice traders to stay out of the market till that time and wait for the outcome after the ECB press conference.
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Bullish Morning For EUR/USD
Published 04/30/2013, 07:26 AM
Updated 01/31/2022, 02:45 AM
Bullish Morning For EUR/USD
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