Tuesday, February 6, 2018

Pullback to a key level on the EUR/USD

The EUR/USD has been very volatile lately, but it has not taken a clear a direction. The pair has been consolidating between the 1.2300 level and the 1.2500 level. In order for the EUR/USD to take a clear direction, it must break one of those levels either to the upside or to the downside. On the most recent pullback, the price came to the 1.2300 level where we can find the 200 month EMA and from there it bounced to the upside as shown on the daily chart. For the pair to keep its bullish trend, which is still in place as indicated by the angle of inclination that the 55 day EMA is showing, it must break above the 1.2500 level. Below the 1.2300 level, its next support levels could be the 1.2200 level along with the 55 day EMA.

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