Chart of the day: EUR/USD

Blake Morrow Forex Analytix

The EURUSD survived the "End of Month/Quarter/H1" flows today as the market was widely expecting strong US Dollar buying into today. The EURUSD reversed course from the 1.0400 probe below and by the end session ended near the highs of the session. The EURUSD continues to compress in a wedge as the descending trend line is at 1.0570 and remains key resistance for the bears to hold. A Dips below the 1.0400 level are finding eager buyers. Considering the pair has not broken down following the move lower in risk assets sets up the risk of a reversal higher in the coming days. RSI is mid-range and also compressing.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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