the daily chartist

The Euro reaching its peak

published 2 years ago

Euro is making its climb steadily with the overall weakening Dollar recently, but today it has turned South after reaching its peak at 1.18086 (forgot to place the line) with today's returning strength from the USD. The movement has formed a wedge formation getting steeper, filled inside with impulses, supported by the Bulls and the CCI and StOCH indicators, forming buying signals constantly. The good thing is that the price has managed to peak above 1.17498, which in the past turned out to be hard to be breached as there were many attempts this to be done, but the impulse from Yesterday closed with its body above the line. There was no fake breakouts and long shadows, indicating that the attack on the level from the Bulls wasn't in vain and quickly exhausted. For today its a different story, as I have mentioned the price quickly turned in to the red zone and left a long shadow on the top side after the breach. The price most likely will close under the level signalling that there is not enough determination from the Bulls to turn the tide in their favour and to continue the climb towards 1.18086 and 1.18518. With this, I think that the price will go further down with returning strength to the USD across the board with long-term movement down towards 1.15282. As Trade War tensions rise again as previously, the USD gained, in this case it will happen again.