Although Monday started close to the recent lows, and with price pressing on the 1.2810 support, buyers managed to change the situation and started an upswing. Tuesday started with a continuation of this movement. At the beginning of the European session, buyers performed an attack that broke the short-term resistance at 1.2875 which now will be the closest support. What is more, optimists can spot the inverted head and shoulders formation on the chart with a right shoulder formed during the Asian session. The neckline (black) was broken in the morning, so a buy signal was triggered technically. Cautious traders can wait for the final confirmation of the buy signal, and a bearish comeback to the neckline. If the upswing is defended, the signal can be confirmed to open long positions.
EUR/USD" title="EUR/USD" width="615" height="280">
The closest mid-term resistances are 1.2925 and 1.30. The bearish trendline (blue) will also be a very important resistance, and breaking it can trigger a mid-term buy signal on this pair.
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Possible Bullish Correction On EUR/USD
Published 07/09/2013, 08:05 AM
Updated 01/31/2022, 02:45 AM
Possible Bullish Correction On EUR/USD
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