The euro
lost ground versus the US Dollar during Wednesday’s trading session after the
FED announcement which causes strength on the Dollar. However, despite the
apparent drop on the pair, the bullish trend is still in place on the EUR/USD
and stays consolidated between the 1.1900 level and the 1.2100 level. To the
downside, the closest support is at the 1.1800 level where we can find the 55
day EMA. The 1.1700 level may also act as support, as it did at the beginning
of August. In order for the bullish trend to stay in place, the EUR/USD must
break above the 1.2100 level. The EUR/USD keeps a bullish trend since the
beginning of this year and it may possibly close the 2017 year with the actual
bullish trend, even if the FED keeps raising its interest rates.
Seems like is making a head and shoulder pattern.
ReplyDeleteInteresting analysis, thanks.
ReplyDeleteConsolidation continues indeed.
ReplyDeleteThe pair is very undecided.
ReplyDeleteIt may rise still further
ReplyDeleteGood assessment!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteValuable information, thanks!
ReplyDeleteI fully agree with your point.
ReplyDelete