EUR/USD - 1.2035.. Although euro remained on the front foot n met renewed buying at 1.2034 (AUS) on Tue, price climbed to a fresh 6-week high of 1.2079 b4 retreating on rising U.S. yields. Price later hit session lows of 1.2023 in NY.

On the bigger picture, despite euro's LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, subsequent decline to a near 3-year 1.0637 low in Mar 2020 signals correction has ended. Despite an impressive upmove to a near 33-month peak of 1.2349 in early Jan 2021, subsequent decline to as low as 1.1705 in Mar signals top is made n would extend twd chart obj. at 1.1603. Having said that, euro's strg rebound to 1.1994 last week due to continued weakness in usd on decline in US yields confirms temporary low is made n Mon's rally abv 1.1994 may bring stronger retracement of said fall fm 1.2349 twd 1.2103 (61.8% r) but reckon pivotal res at 1.2242 should cap upside.

Today, as 1.2079 high was also accompanied by 'bearish divergences' on hourly indicators, subsequent retreat signals temp. top is made n range trading is in store b4 one more rise, reckon res at 1.2112 should cap upside. Below 1.19 94 anytime signals top is made n heads back twd 1.1943 later this week.

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AceTrader Team

AceTrader

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