After the highly suspected European Bank Stress Test release follows by the surprised US encouraging new home sales data , so what will be in store next to result in its next Big Move ??
Basing on Technicals, looking at Both the H4 /Daily charts with Trend line(drawn in Purple color), we can spot that breaking the Resistance 1.3085 may expose the next 1.3741(1.618 Fibo Ext. on Daily Chart.) , and do note that the presence of various Bullish Engulfing candles are telling the stories better than words on recent movements., The present bullish bias may persist for longer periods.
However, on the Downside, on Daily chart, breaking below the Ichimoku Cloud top near 1.2770 ,may send this currency pair towards the next possible support near 1.2300, the 38.2% Fibo Retr level and also the same location for the Ichimoku Cloud Bottom resistance line.
H4 E/U with Trendline
Daily E/U with Ichimoku
H4 E/U with analysis on Prices/ Range movement
I would like to quote the followings from JIM O'Neill from Goldman Sachs:--
“Foreign exchange is the world’s biggest fruit and vegetable store, with millions of people playing it 24 hours a day,” Goldman Sachs Chief Global Economist Jim O’Neill said on July 21 in a radio interview with Tom Keene on Bloomberg Surveillance. “Anybody who thinks they can get foreign exchange right all the time should be in a lunatic asylum.”
""Unquote,
HAPPY TRADING...
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