The EURUSD pair has been on the rise all of 2017 and is showing several signs of bullish momentum that are expected to continue through 2018. /Price has exceeded 2016's high of $1.16 by breaking out of the 2-year consolidation channel and is showing an uptrend as well as a bullish flag on the monthly chart.
With the euro area experiencing growth in revenues, firming economic activity, and stabilized employment, expect further recovery in euro-based assets in 2018. Price targets are $1.20 followed by $1.30.
USD/TRY has also been experiencing strong accumulation on the charts showing a strong push to the upside past its 2016 high of $3.60 but is currently on retracement back to the 61.8% Fibonacci level of $3.76 after a brief flirtation with the $4.00 level earlier this month. Should the US receive any further negative economic news after the weaker than expected CPI data, raising of rates, and unexpected democratic victory over Roy Moore, we should expect to see the $3.70 to $3.76 level reached. This may present a buying opportunity however as a good price target is currently $4.00.
