EUR/USD set for third wave higher

Steven Mylonas Bottomcatcher.com

Throughout August and September, trading the EUR/USD currency pair has been somewhat frustrating for traders, with choppy price action and no clear direction. However, a bullish swing set-up could well be presenting itself, around these levels. Towards the end of July, the pair convincingly breached the multi-year trendline resistance, which has managed to cap further gains since July 2008. Coupled with that the key 23.6 fib retracement level taken from the highs of July 2008 and the lows of January 2017 offered weak resistance, despite intersecting exactly with the multi-year trendline.

The pair now looks set for another leg higher, for a re-test of September 2017 highs (12070s) as a first logical target to watch out for.

Author

Steven Mylonas

Bottomcatcher.com

With more than 20 years of experience, Steven has a broad knowledge of market strategies and the markets in general, with a strong focus and understanding of data reading.

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