Please try another search
One final point. There is a tendency for currencies to either breakout or reverse around the 1st of the year. Therefore, the EURUSD might wait until then before making its next big move up or down.
The 5-minute chart of the EUR/USD forex market opened 1 pip below Friday’s high and rallied. But the rally has only been 30 pips. Most of the session has been within trading ranges.
The bulls would like the rally to continue up to the Sept. 1 high, which is only 19 pips above the current session high. But the day’s small range is a sign of a lack of energy. Therefore today will probably not break strongly above that resistance.
At a minimum, the bulls want today to close above the open. There would then be consecutive bull bars on the daily chart closing above the top of the 3-month trading range that began with the September 9 high. Traders would then expect at least a small break above the September 1 high this week, which is a 2-year high.
The bears want the opposite. They want today to be a reversal day and close on its low. Today would then be a sell signal bar on the daily chart for a failed breakout above the Sept. 10 high.
At the moment, day traders have only been buying. But they have not been buying aggressively. If the EUR/USD continues to go sideways, day traders will begin to look to short as well, looking for a possible reversal day.
Since the EUR/USD is just below major resistance, there is an increased chance of a big move up or down before the end of the session. If there is a big move, up is more likely.
The Fed has repeatedly indicated that it wants to pause rate hikes, but strong US economic data may force its hand. The NFP report is expected to show 193K net new jobs and average...
The EUR/USD got a bull breakout yesterday. However, as strong as the bull breakout bar is, it is probably a minor reversal. The channel down from the May high is tight, which...
Policy decisions from the RBA and the Bank of Canada will be taking centre stage next week amid an otherwise light agenda. In the United States, the ISM services PMI will be the...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.