Buyers continue their upswing without any hesitation. Currently the price is on the highest levels since February 21. With the exception of the previous Friday, today could be the eighth day in a row with a bullish candle. Let’s remember that the uptrend started May 17, when sellers failed to break the long-term neck line of the big Head and Shoulders formation. It can be a lesson for the future that failed formations usually lead to a strong counter movement.
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The price is currently supported by three lines. The first is a blue uptrend line, but even if sellers manage to break it, it shouldn’t be the single signal for a major reversal. The second one is a minor support at 1.3275 and the third one is 1.32, which is very important in the long-term. If the price manages to fall below this level, it will mean that a bearish correction is strong and can cause harm in the bulls’ camp.
With fresh mid-term highs, the scenario for next week is positive. It will stay that way as long as the price stays above the 1.32 level.
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Another Day Of New Highs For EUR/USD
Published 06/13/2013, 08:13 AM
Updated 01/31/2022, 02:45 AM
Another Day Of New Highs For EUR/USD
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