Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

EUR/USD: Trading Range Likely, But no Sign of a Top Yet

Published 01/26/2023, 09:53 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Daily Chart

  • The EUR/USD daily chart is in a tight bull channel. While the market is forming a wedge top around the January 23rd high (see chart), the odds are that the wedge is minor and will lead to sideways trading at best for the bears.
  • The channel up is very tight, which increases the odds that the first reversal down will be limited.
  • On the weekly chart, the market is forming a strong trendline break of the bear channel that began in mid-2021. The bulls will likely need a higher low major trend reversal on the weekly chart.
  • This means the daily chart will likely have to pull back to around the 1.044 price level over the next couple of months.
  • Overall, traders should assume that the market will continue sideways on the daily chart and test the moving average (blue line) soon.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.