EURUSD still consolidated in the triangle.

On daily chart, we see a textbook 5 wave up from December 2016.

The price also continuous closed above daily Ichimoku cloud.

Near term overshoot to 1.2456/1.2500 could not be ruled out.

But weekly long term downtrend line is just ahead.

Unless we see a clear close above 1.2596/1.2650, upside should be limited from current level.

If today close below 1.2347, that will be the first pullback sign.

We still look to trade short term extremes and wait for directional opportunities.

EURUSD Trade Idea:

Sell limit @ 1.2424 stop 1.2461 for 1.2359

 

Click on the image to enlarge

EURUSD Chart 1

 

EURUSD Chart 2

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays defensive near 1.0700 amid USD strength, EU political jitters

EUR/USD stays defensive near 1.0700 amid USD strength, EU political jitters

EUR/USD is trading close to 1.0700, struggling to build on the previous bounce early Monday. European political uncertainty continues to undermine the Euro and cap the pair's upside. The US Dollar tracks the Treasury bond yields higher amid a cautious mood, weighing on the pair. 

EUR/USD News

GBP/USD remains pressured toward 1.2650 on firmer US Dollar

GBP/USD remains pressured toward 1.2650 on firmer US Dollar

GBP/USD is dropping toward 1.2650 in the European trading hours on Monday. The hawkish Fed expectations and a softer risk tone favor the US Dollar, exerting downward pressure on the pair. Fedspeak remains next in focus. 

GBP/USD News

Gold sellers regain control, eye a sustained move below $2,300

Gold sellers regain control, eye a sustained move below $2,300

Gold price is reversing a part of Friday’s upswing, having faced rejection once again above the $2,330 level early Monday. Gold price fails to benefit from a pause in the US Dollar upsurge, as the US Treasury bond yields recover after last week’s downward spiral.  

Gold News

Bitcoin retesting its major resistance level

Bitcoin retesting its major resistance level

Bitcoin price is retesting its weekly resistance level of $67,147. Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498. Ripple price faces rejection due to the key resistance level of $0.499.

Read more

Weekend digest and a quiet start to the week

Weekend digest and a quiet start to the week

It will be a quiet start to the week on the data front. From Sweden, we get the Riksbank's Business Survey. Overnight, the RBA is widely expected to leave monetary policy unchanged. Markets price in the first rate cut only for May 2025. 

Read more

Majors

Cryptocurrencies

Signatures