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GBPUSD seesaws inside weekly triangle, bears in commandGBPUSD struggles to defend 1.3100 inside a one-week-old symmetrical triangle. Even so, an impending bear cross and failure to cross the horizontal resistance since late February during the latest upswing keep sellers hopeful. That being said, a clear downside break of the 1.3100 threshold, also comprising the stated triangle’s support line, becomes necessary for the bears to step in. Following that, a south-run towards the previous month’s bottom surrounding 1.3000 can’t be ruled out. However, the 61.8% FE level of February-March moves, near 1.2900, may offer breathing space to sellers while assuming oversold RSI conditions at that point. On the contrary, a convergence of the 50-SMA and 100-SMA guards the immediate upside around 1.3130-35, ahead of the triangle’s upper line close to 1.3150. In a case where GBPUSD rises past 1.3150 buyers can aim for 1.3220, a break of which will test the 1.3270-75 horizontal resistance area, also known as the last defense for bears. Overall, GBPUSD is likely to witness further downside but a clear break of the 1.3100 support is required to please bears.
Short
by MTradingGlobal
USDJPY is all set for 125.00 revisitBe it a clear bounce off the 50% Fibonacci retracement (Fibo.) of an upswing from mid-March or sustained trading beyond the one-week-old rising trend line, not to forget the 50-SMA, USDJPY has it all to revisit the multi-year top poked during late March. That being said, the 124.00 threshold may offer an intermediate halt during the run-up targeting the recent top surrounding 125.10. In a case where the bulls gain acceptance beyond 125.10, 61.8% Fibonacci expansion of the pair’s moves from March 15 to 31, around 125.90, quickly followed by the 126.00 round figure will be in focus. Meanwhile, the 50-SMA level of 122.25 and a seven-day-old rising trend line, around 121.70, act as immediate supports to watch during the quote’s pullback. Following that, the 61.8% Fibo. level of 120.50 and the 100-SMA level surrounding 120.35 will challenge the USDJPY bears. Should the quote drops below 120.35, the 120.00 psychological magnet will be the last defense for bulls, a break of which will enable sellers to retake control.
Long
by MTradingGlobal
EURUSD bulls need validation from 21-DMA to retake controlsEURUSD’s corrective pullback remains below 21-DMA, as well as a two-week-old ascending trend line, suggesting a further downside towards the lower end of the latest range between 1.1120 and 1.0900. However, the 23.6% Fibonacci retracement (Fibo.) of February-March downside acts as an intermediate halt around 1.0980. While the bearish MACD and downward sloping RSI favor the bears of late, the prices have little room on the downside before the RSI turns oversold. As a result, the 1.0900 support is likely acting as a trigger for fresh buying, if not then the quote’s south-run towards the monthly low near 1.0800 can’t be ruled out. Meanwhile, the 21-DMA level surrounding 1.1035 guards the quote’s short-term rebound ahead of the previous support line from early March, near 1.1045-50 at the latest. In a case where the EURUSD prices rally beyond 1.1050, the upper end of the aforementioned trading range, close to 1.1120, will lure the bulls. It should be noted, however, that the pair’s successful break of 1.1120 will enable the buyers to challenge the 50-DMA level surrounding 1.1200. Overall, EURUSD is likely to decline further but the south-run has a limited horizon to cover.
by MTradingGlobal
EURUSD bulls are at test inside fortnight-old triangleEURUSD braces for the first positive week in six, despite recently drop back to a two-week-long symmetrical triangle during early Friday. Given the bullish MACD signals and firmer RSI, the major currency pair is up for crossing the aforementioned triangle’s resistance line, near 1.1105. Even so, the 200-SMA and a seven-week-old horizontal area, respectively around 1.1200 and 1.1265-75, become tough nuts to crack for the bulls. Alternatively, pullback moves remain elusive beyond the 1.0960 level comprising the lower line of the aforementioned triangle and 23.6% Fibonacci retracement of February-March downside. Following that, the 1.0900 and the monthly bottom surrounding 1.0800 will challenge the EURUSD bears. It’s worth noting that the pair’s downside past 1.0800 will make it vulnerable to test the 61.8% Fibonacci Expansion (FE) of January-March moves, close to 1.0700. To sum up, EURUSD prices do gain upside momentum of late but the bulls have a long road to travel before taking control.
by MTradingGlobal
USDJPY renews five-year high, 118.70 challenges further upsideUSDJPY cheers the greenback’s robust strength ahead of the Fed’s widely anticipated rate-hike to refresh five-year high. In doing so, the yen pair defied an upward sloping trend channel from late November, backed by the bullish MACD signals. However, overbought RSI and double tops around 118.65 could challenge the quote’s further upside. In a case where the pair rallies past 118.70, the 120.00 psychological magnet will offer an intermediate halt on the way to the early January 2016 peak surrounding 121.70. Meanwhile, a pullback is more likely and could lure risk-taking sellers if the quote offers a daily closing below 117.70. Following that, the highs marked in January and February of 2022, near 116.35, will be on the bear’s radar. Though, the 100-DMA and an ascending trend line from late 2021, respectively around 114.60 and 114.35, will act as the last defenses for the pair buyers, a break of which will give controls to the sellers. Overall, USDJPY may witness a pullback but bulls can keep the reins until the quote drops below 114.35.
by MTradingGlobal
EURUSD keeps bearish megaphone breakout on ECB dayEURUSD extends the early week rebound from a 22-month low, also holding the previous day’s break of a bearish broadening pattern as traders brace for the European Central Bank (ECB) monetary policy meeting. Given the recently improving MACD and RSI, the pair’s recovery moves are likely heading towards a six-week-old horizontal area between 1.1100 and 1.1125. However, the 100-SMA and multiple levels marked since January 25, respectively around 1.1190 and 1.1270, will challenge the pair buyers. Meanwhile, the resistance-turned-support line of the stated megaphone pattern, around 1.1015 at the last, will direct EURUSD towards a three-day-old ascending support line, close to 1.0920. In a case where the pair sellers conquer the immediate support, the latest multi-month low near 1.0800 and April 2020 bottom surrounding 1.0725 could flash on their radars. It should be noted, however, that the bears will have a tough time breaking the 1.0700 level, comprising the lower line of the megaphone and may bounce from the same should the fundamentals support. To sum, ECB is widely anticipated to keep the current monetary policy unchanged and may accept the fear of stagflation, mainly due to the Russia-Ukraine tussles. However, any positive surprises may trigger the short-covering moves as the quote trades near the multi-month low.
by MTradingGlobal
AUDUSD pullback battles 200-DMA with eyes on 0.7425-40 retestHaving successfully crossed the 200-DMA burden during the last week, AUDUSD rose to the four-month high on Monday. However, a broad horizontal area between 0.7425 and 0.7440, also comprising the 78.6% Fibonacci retracement of October 2021 to January 2022 downside, challenged bulls. Amid the overbought RSI conditions and a likely caution ahead of RBA Governor Philip Lowe’s speech on late Tuesday, the Aussie pair witnessed a pullback towards the 200-DMA retest, around 0.7320 at the latest. However, January’s peak of 0.7315 and early February’s swing high, close to 0.7250, will challenge the quote’s further weakness before highlighting an upward sloping support line from late January, near 0.7150 at the latest. That said, the latest rebound eyes the 0.7440 hurdle before challenging October’s swing low near 0.7455. Following that, AUDUSD bulls may aim for the 0.7500 threshold and the 0.7555-65 region, comprising the late 2021 peak and troughs marked during early 2021. Overall, AUDUSD bulls face a challenging task ahead of this week’s key events, which in turn can allow them to take a breather. However, bears have a long road before taking control.
by MTradingGlobal
GBPUSD bears approach strong support zone amid oversold RSIGBPUSD marked the second consecutive weekly loss, following a U-turn from the 10-DMA on Thursday. That said, bears keep reins around the lowest levels last seen during late December 2021, backed by a downside break of a five-week-old descending trend line. As a result, the pair sellers eye further declines towards the 1.3170-60 area that comprises multiple lows marked during early December 2021. It should be noted, however, that the oversold RSI conditions may challenge the cable sellers, failing to which could direct the quote towards the 61.8% Fibonacci Expansion (FE) of June 2021 to January 2022 moves, near 1.3070. In a case where the pair remains bearish past 1.3070, the odds of the pair’s extended south-run towards the 1.3000 psychological magnet can’t be ruled out. Meanwhile, corrective pullback needs validation from the 10-DMA, currently around 1.3420. Following that, the mid-February’s low near 1.3485 and the last monthly peak of 1.3645 will gain the market’s attention. It’s worth mentioning that January’s top of 1.3748 will act as the last defense for the GBPUSD pair sellers, following that the bulls will retake control of the pair. Overall, GBPUSD has little room on the downside as RSI hints at a bounce from the key support zone.
by MTradingGlobal
EURUSD is all set to test 1.1000 psychological magnetEURUSD remains on the back foot around a 21-month low, despite the recently sidelined performance. That said, the bearish MACD signals do support the latest break of a descending support line from late November, around 1.1080 at the latest, which in turn hints at the quote’s further weakness. However, the RSI line nears the oversold territory and hence indicates that a bounce a brewing around the next support. The same highlights the 1.1000 support confluence for the bears, including 13-day-old support and 61.8% Fibonacci Expansion (FE) of the pair’s moves between September 2021 and February 2021. In a case where EURUSD’s downside fails to take a halt near 1.1000, October 2019 low near 1.0880 will gain the market’s attention. Meanwhile, the corrective pullback may aim for December 2021 low surrounding 1.1220 before directing short-term EURUSD buyers towards the mid-February 2022 bottom around 1.1280. However, a convergence of the 21 and 50-DMA close to 1.1320-25 will be a tough nut to crack for the bulls afterward. Should the quote manage to cross the 1.1325 hurdle, the odds of its rally towards a seven-week-old horizontal resistance zone near 1.1480-95 can’t be ruled out. Other than the technical details, grim concerns surrounding Ukraine pedal the rush to risk-safety, favoring the US dollar. Adding to the greenback’s strength is the comparatively more hawkish tone of the latest Fedspeak than the rest of the global central banks.
Short
by MTradingGlobal
3
AUDUSD defends 100-DMA breakout with eyes on RBAAUDUSD holds onto Friday’s recovery moves from a three-week-old support line around the 100-DMA as Aussie traders brace for the RBA monetary policy meeting. Although Australia’s central bank has been dovish of late, any hints of a tighter monetary policy for the future may allow the AUDUSD prices to extend the latest run-up beyond the 100-DMA level of 0.7240. Even so, a downward sloping trend line from January 12 near 0.7280 and February’s high surrounding 0.7285 will act as extra hurdles to the north. Should the quote remain firmer above 0.7285, bulls will be confident in crossing the January month’s high near 0.7315. Alternatively, RBA’s downbeat comments and fears of softer wage growth could weigh on AUDUSD prices, which in turn highlight the short-term support line, around 0.7140 by the press time. It should be noted, however, that a clear downside break of 0.7140 will make the quote vulnerable to drop towards February’s bottom close to 0.7050. In a case where AUDUSD bears keep reins past 0.7050, the year 2021 low near 0.6990 and the bottom marked in January around 0.6965 will be in focus. Overall, the AUDUSD rebound approaches the key hurdles ahead of impending downbeat catalysts.
by MTradingGlobal
EURUSD bears eye 1.1000 as Russia triggers flight-to-safetyAs Moscow proved the Western forecasts right by invading Kyiv, markets players rushed to risk safety on Thursday. The sour sentiment propelled prices of traditional safe-havens, like gold and USD, which in turn caused the EURUSD pair’s slump. The south-run also conquered three-month-old horizontal support around 1.1185-70. The same opened doors for the quote’s further weakness towards refreshing 2022 low, currently around 1.1120. This highlights the 61.8% Fibonacci Expansion of the pair’s moves between September 2021 and February 2022, around 1.1000. It should be noted, however, that oversold RSI and the strength of the psychological magnet can trigger the quote’s corrective pullback around 1.1000, if not then late May 2020 swing lows around 1.0870 will be in focus. That being said, the quote defends the horizontal area from November of late, which in turn teases buyers to aim for the December 2021 lows surrounding 1.1220. Following that, 23.6% Fibonacci retracement (Fibo.) of September-January declines, around 1.1300, should lure EURUSD bulls. Though, a convergence of the 21 and 50 DMAs, near 1.1330, will be a tough nut to crack for the buyers. On a bit broader scenario, double tops around 1.1480-85 and the monthly peak of 1.1495 act as crucial hurdles for buyer’s entry. Overall, the US dollar has the further upside to track until the geopolitical issue gets resolved, or at least tamed for the short-term.
by MTradingGlobal
GBPUSD stays inside monthly triangle ahead of BOE MPR HearingsGBPUSD bears flex muscles inside the one-month-old symmetrical triangle, recently easing from the resistance. Although downbeat RSI and MACD signals keep sellers hopeful of breaking the stated triangle’s support line, around 1.3550 at the latest, a convergence of the 100-DMA and the 50-DMA highlights the 1.3500 threshold as strong support. Even if the cable pair drop below the 1.3500 mark, the following south-run needs validation from an upward sloping support line from late December, near 1.3780 by the press time, a break of which will give controls to bears. On the contrary, hawkish BOE Monetary Policy Report (MPR) Hearings will again challenge the triangle’s resistance line, close to 1.3635. Following that, the 200-DMA and a descending resistance line from October 2021, respectively around 1.3680 and 1.3700, could test the bulls. During the quote’s run-up past-1.3700, January’s peak of 1.3748 may act as the last defense for the pair sellers ahead of unleashing the bulls. Overall, GBPUSD grinds inside the monthly triangle ahead of a likely hawkish event.
by MTradingGlobal
GBPUSD bulls eye 1.3700 on crossing monthly resistanceGBPUSD stays beyond a downward sloping resistance line from January 20, now support around 1.3590. Despite the recent pullback, the trend line breakout joins upbeat RSI and MACD signals to direct buyers towards the late January tops surrounding 1.3660. Following that, January 14 swing low near 1.3700 will gain the market’s attention as the RSI might have turned overbought by then. If not then the last month’s peak of 1.3748 should return to the charts. Alternatively, pullback moves remain elusive beyond the resistance-turned-support line, close to 1.3590. Though, a convergence of the 50-SMA, 200-SMA and 50% Fibonacci retracement (Fibo.) of January 2022 downside, around 1.3550, becomes a tough nut to crack for the GBPUSD bears. Should the pair drop below 1.3550, it becomes vulnerable to drop towards the 38.2% and 23.6% Fibo. levels, respectively around 1.3500 and 1.3450. To sum up, a clear upside break of the previous key resistance line joins successful trading beyond the 1.35550 support confluence to favor GBPUSD buyers.
Long
by MTradingGlobal
EURUSD bears eye mid-1.1200s on risk-off mood, Fed concernsBe it increasing chatters over a 0.50% rate hike by the Fed in March or the US, EU and the UK’s signals for Russia’s imminent invasion of Ukraine, the US dollar has everything needed to consolidate early February’s losses. The same dragged EURUSD during the last week, which portrayed multiple tops around 1.1480 before ending the week by resting on 200-SMA. Given the downbeat fundamentals and the quote’s inability to cross the 1.1480 hurdle, not to forget downbeat RSI and MACD conditions, the major currency pair is likely to mark further losses. That said, a clear downside break of the 200-SMA level near 1.1340 becomes necessary for the bears to aim for a six-week-old horizontal support zone around 1.1270-65. However, the quote’s further downside will make it vulnerable to conquer the 1.1200 threshold and aim for 1.1180 figures. Following that, January’s bottom of 1.1120 will be in focus. Alternatively, corrective pullback needs to cross the 50-SMA level near 1.1400 to portray another battle with the resistance area around 1.1480. Also challenging the EURUSD bulls is the 200-week SMA level surrounding the 1.1500 round figure. If at all the pair buyers remain dominant past 1.1500, the recovery moves need validation from October 2021 low near 1.1530 before heading towards the 200-DMA on the daily chart, surrounding 1.1660, also comprising the 100-week SMA on the weekly format.
Short
by MTradingGlobal
Impending bull cross tease GBPUSD buyers on UK GDP dayGBPUSD stays ready to reverse the month-start bearish signal, initially triggered by the 50-SMA’s break below 200-SMA, as markets await the preliminary reading of the UK Q4 GDP. However, the monthly resistance line and a descending trend line from January 20, respectively around 1.3585 and 1.3610, guard the quote’s short-term upside. During the pair’s run-up beyond 1.3610, the late January’s peak surrounding 1.3660 may offer an intermediate halt before directing the bulls towards the yearly top near 1.3750. Meanwhile, a clear downside past 50-SMA level of 1.3530 rejects the odds of witnessing a bull cross, which in turn suggests a south-run towards the previous month’s low near 1.3355. That said, 50% and 78.6% Fibonacci retracements (Fibo.) of December-January upside, near 1.3460 and 1.3300 in that order, act as an extra filter during the declines. Overall, GBPUSD bulls have a brighter scope to renew the 2022 peak given the positive support from UK GDP growth data.
by MTradingGlobal
USDCAD hovers inside fortnight-long rectangle, BOC’s Macklem eyeUSDCAD remains chopped inside a 140-pip trading range in the last two weeks, recently fading the bounce off the lower end comprising 200-SMA. Given the steady RSI and a pullback in oil prices, Canada’s key export, the Loonie pair is up for further recovery. However, comments from the Bank of Canada (BOC) Governor Tiff Macklem will be crucial to watch for intraday directions. That said, the recovery moves will initially be challenged by the 61.8% Fibonacci retracement (Fibo.) of late December-January declines, around 1.2770. Following that, a convergence of the stated range and the monthly resistance line near 1.2790 and the 1.2800 threshold will challenge the USDCAD bulls. In a case where the Loonie prices cross the 1.2800 hurdle, January’s high of 1.2813 may act as a validation point for the rally targeting the late 2021 peak of 1.2963. Alternatively, pullback moves remain elusive beyond the stated range’s support, around 1.2650. Even if the quote drops below 1.2650, the 100-SMA level surrounding 1.2630 will challenge the downside before directing the USDCAD bears towards the 23.6% Fibo. near 1.2565. During the quote’s weakness past 1.2565, January’s bottom of 1.2450 will be in focus. Overall, USDCAD has more downside filters than the otherwise case, which in turn can tease bulls for a quick rule on the upbeat outcome.
by MTradingGlobal
Rising wedge confirmation teases GBPUSD bearsAfter a rollercoaster ride on the BOE moves, GBPUSD bears flex muscles with eyes on Thursday’s UK Q4 GDP. The week’s start has already confirmed a rising wedge bearish pattern but the sellers need validation from 50-SMA 1.3490. Theory suggests a sustained downtrend past 1.3490 will recall 1.3330-25 levels on the chart. However, 61.8% Fibonacci retracement (Fibo.) of December-January advances near 1.3385 and the previous month’s low near 1.3355 may offer intermediate halts during the run-up. Alternatively, corrective pullback remains elusive below the 200-SMA level of 1.3525, a break of which will direct GBPUSD buyers towards the 1.3600 threshold. It’s worth noting that a two-week-old rising trend line, forming part of wedge near 1.3635, can challenge the cable pair’s upside past 1.3600 but sustained trading beyond the same won’t hesitate to propel the rally towards 2022 peak surrounding 1.3750. To sum up, GBPUSD consolidates recent gains but the bears need validation from data and chart both.
by MTradingGlobal
USDCAD sellers attack 1.2450 key support ahead of Canadian CPIAlthough USDCAD buyers keep lurking around an upward sloping trend line from June, failures to stay decisively above the 200-DMA keep sellers hopeful of breaking the 1.2450 support. Adding to the bearish bias are the downbeat MACD and RSI conditions. That said, 61.8% Fibonacci retracement (Fibo.) of June-December 2021 advances, near 1.2370, is likely next support to watch on a clear break of 1.2450. It’s most likely that the RSI will turn oversold at the crucial Fibo. level and trigger a corrective pullback, if not then October’s low of 1.2287 will be on bear’s radar. Alternatively, a disappointment by the monthly Canadian CPI could trigger a much-awaited rebound of the Loonie pair, which will need validation from Friday’s peak of 1.2570. Following that, a convergence of the 100-DMA and a monthly resistance line, around 1.2620, will be crucial for the USDCAD bulls to watch. Should the pair buyers manage to cross the 1.2620 hurdle, the odds of witnessing a run-up towards the monthly high of 1.2813 can’t be ruled.
Short
by MTradingGlobal
EURUSD rebound needs to stay beyond 1.1385 to convince bullsEURUSD extends the run-up beyond 200-SMA to cross a two-month-old horizontal area surrounding 1.1385 post-US inflation data. Given the price-positive signals from the MACD and RSI, the major currency pair is likely to keep the recent rebound. However, a sustained run-up beyond 1.1385 becomes necessary for the pair buyers to challenge the mid-November peak near 1.1465. Following that, the 1.1500 threshold will offer an intermediate halt during an upward trajectory towards early November’s swing highs around 1.1600. Meanwhile, failure to stay beyond 1.1385 could trigger a pullback move targeting the 200-SMA level near 1.1310. It should be noted, however, that the EURUSD weakness past 1.1300 will be challenged by an upward sloping support line from late November, around 1.1265. Also acting as a downside filter is the year 2021 bottom close to 1.1185. In a case where the major currency pair drops below 1.1185, March 2020 high near 1.1150 and 61.8% FE of November 09-30 moves, around 1.1120, will gain the market’s attention. To sum up, EURUSD crossed a strong hurdle to the north after the US Consumer Price Index (CPI) data but bulls seek confirmation from 1.1385.
by MTradingGlobal
2
USDJPY eyes further losses but bulls keep reinsA clear downside break of 50-SMA, as well as November’s peak, near 115.50 challenges the USDJPY pair’s recent rebound. However, 100-SMA and an upward sloping support line from December 03, respectively around 114.80 and 114.40, will restrict the yen pair’s additional losses, backed by nearly oversold RSI conditions. Should bears conquer the stated trend line support, 61.8% and 78.6% Fibonacci retracement of December-January upside, around 114.00 and 113.35, will act as additional supports before directing sellers to December’s low of 112.52. On the contrary, a daily closing beyond 115.50 will push back the short-term bearish bias, a break of which will highlight the weekly resistance line around 115.90. In a case where USDJPY rises past 115.90, the run-up to the 116.00 threshold and January’s peak of 116.35 can’t be ruled out. In a case where buyers dominate past 116.35, the 117.00 round figure may act as an intermediate halt during the rally aiming December 2016 peak around 118.65-70. To sum up, USDJPY witnesses a pullback and the same is likely to last for now but a reversal of the bullish trend is off the table.
by MTradingGlobal
1
GBPUSD must stay above 1.3555 to keep bulls on the tableGBPUSD keeps the 50-DMA breakout to battle the 100-DMA as traders await final readings of UK Services PMI for December, as well as the US ISM Services PMI for the said month. Although the key DMA breakout and bullish MACD hints at the cable pair’s further upside, a clear run-up beyond the 100-DMA level surrounding 1.3555 becomes necessary for the bulls to rise further towards the five-month-old resistance line and the 200-DMA, respectively around 1.3690 and 1.3740. Also challenging the pair buyers are the 50% and 61.8% Fibonacci retracement levels of July-December downside, close to 1.3570 and 1.3670 in that order. It’s worth noting that a failure to stay past 1.3555 could drag the quote back to November’s high near 1.3515 ahead of highlighting the 50-DMA level of 1.3400 for the GBPUSD sellers. Should the pair extend the south-run below 1.3400, the 23.6% Fibonacci retracement near 1.3350 may offer an intermediate halt during the fall targeting the year 2021 bottom of 1.3160. To sum up, GBPUSD bulls are at a test and the sellers may take the risk in case of pullback.
by MTradingGlobal
GBPUSD bulls are at test on the final day of 2021GBPUSD bulls cheer clear upside break of 50-DMA to poke six-week top, amid bullish MACD signals. However, a short-term horizontal hurdle close to 1.3515 joins nearly overbought RSI conditions to probe further upside. Even if the quote manages to stay past 1.3515, the 100-DMA and a descending trend line from June, respectively around 1.3570 and 1.3640, will challenge the cable buyers. It should, however, be noted that a successful rise above 1.3640 enables the pair to challenge October’s high of 1.3833. On the contrary, a failure to cross the 1.3515 immediate hurdle could trigger the much-needed pullback towards the 50-DMA level of 1.3420. Following that, the monthly horizontal line, previous resistance near 1.3370, will be crucial to watch. Given the GBPUSD pair’s drop below 1.3370, bears might not hesitate to challenge the yearly low of 1.3160. Overall, GBPUSD buyers hold the controls but multiple resistances question further advances as the market approaches 2022.
by MTradingGlobal
EURUSD pierces 200-SMA but 1.1350 holds the gate for bullsEURUSD seesaws around 200-SMA inside a six-week-old symmetrical triangle, suggesting the buyer’s return. However, a clear upside break of 1.1350 becomes necessary for the bulls before knocking the late November swing highs surrounding 1.1380-85. It should be noted, though, that a sustained run-up beyond 1.1385 enables the pair to rally towards November 15 swing high near 1.1465. On the contrary, pullback moves may aim for 200-SMA near 1.1300 before eyeing the stated symmetrical triangle’s support, near 1.1245. That said, the year-end sluggish markets restrict the pair’s moves past 1.1245, if not then the yearly low of 1.1185 and March 2020 swing high near 1.1150 will be in focus. Following that, the 61.8% Fibonacci Expansion (FE) of November 09-30 moves, close to 1.1120, will be important for the EURUSD bears to watch. To sum up, the bullish consolidation is likely to continue during the final days of 2021.
Short
by MTradingGlobal
1