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Currency analyst

EUR/USD: euro decided on correction

The bulls managed to make a counterattack. The signal was the recoil of the upper border of the downtrend channel and the following break of 1.116-1.1175 convergence area. If the bears fail to stop their adversaries at the current resistance (1.1206), rally to 1.125-1.1268 will likely continue.

On H1 EUR/USD finished forming widening wedge. Correction to 1.1206 (38.2% Fibo of waves 4-5), 1.1231 (50%) and 1.1256 (61.8%), as ususal is used for opening short positions. The pair's advance to 1.1293-1.1313 may lead to resumption of the uptrend.

 

 

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