3 Jun 2015

EUR/USD HIGHER ON DRAGHI PRESSER

EUR/USD M30

Although Draghi evaded answering questions on Greece concerns and ruled out any speculations on early QE exit, after initial spike lower EUR/USD found it's way higher, currently trading at 1.1165.

The initial spike lower now acts as a polarity change as the rate tested the former broken rising channel and horizontal resistance level at 1.1079 as the new support.

My immediate bias is now higher on this pair and an upside break above the weekly high at 1.1195 may take rate up to 1.1400 (falling trendline resistance) in the coming days.

A break below 1.1079 would invalidate my immediate bullish outlook for the pair.

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