the daily chartist

Still no clear direction for the Euro

published 1 year ago
EUR/USD Daily

 The Triangle is becoming more interesting with each day. The price is yet to search for a breakout and yesterday we had a breakout of the triangle, but the price quickly returned to the boundaries of the formation as the euro was sold off from 1.17498. On the bottom side, the blue demand zone will play as a support, making it difficult for the bears to push the price down further to test the bottom line of the figure. Anyone who bought aggressively on the early (and fake) breakout, I hope you had appropriate stop losses. As the price also finished with the day with a shooting star candle, it indicates that bears are returning to the market to subdue the price lower. If technicals continue to pay out like this nevertheless the fundamentals and sentiment, we are going to see another test on the demand zone. But a possible breach? Time will tell.