Chart of the day: EUR/USD [Video]
|Is the EUR/USD ready to turn higher?
A lot of times traders like to "assume" something is going to happen without having enough evidence. Them "front run" their own trade idea thinking they are confident they will be right. This is a good example of a pair that needs just a little more ev9idence that a turn is upon us. If you watched the Week Ahead video, at the 17:15 mark, I discussed the risk of the false breakdown last week which is building the case for a reversal higher. However, a move above the 1.0630 and channel resistance at the 1.0650 would be needed to feel comfortable about a bigger reversal higher in the EURUSD.
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