EUR/USD: Not yet suggesting any sell (or profit-taking) signals [Video]
|EUR/USD
After a couple of sessions of attempted dollar rally weighed on EUR/USD, the path to upside resumed during yesterday’s US session. There had been the threat of a near term topping pattern but support around 1.1700 was used as a springboard for a decisive positive candle into the close. This helps to maintain the market in what is now essentially a mini consolidation range of just over 200 pips, between 1.1695/1.1910. Momentum is still stretched but is not yet suggesting any sell (or profit-taking) signals. We continue to consider the potential that this is a very similar set up forming to the early June consolidation, where an overbought bull run consolidated for the next four weeks without really seeing any real correction. How the market responds around the support now around 1.1700 will be important in the coming days/weeks. The hourly chart shows moving decisively back above 1.1800 helps to maintain a sense of bull control in this consolidation.
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