Euro Crunch Continues
Euro is exhausting just ahead of the upper bounds of a massive multi-month consolidation pattern. An embedded near-term ascending pitchfork formation has been guiding this recovery with price turning from the 75% parallel late-last week.
Initial support rests with the 200DMA (~1.0784) backed by 1.0755- losses should be limited to this threshold IF price is heading higher on this stretch.
Ultimately, a breach / close above the June high-day close (HDC) at 1.0879 is needed to suggest a much larger breakout is underway here.
US CPI and PPI on tap Thursday & Friday. Watch the weekly close for guidance here.
Michael Boutros, Sr. Technical Strategist
MBForex
Initial support rests with the 200DMA (~1.0784) backed by 1.0755- losses should be limited to this threshold IF price is heading higher on this stretch.
Ultimately, a breach / close above the June high-day close (HDC) at 1.0879 is needed to suggest a much larger breakout is underway here.
US CPI and PPI on tap Thursday & Friday. Watch the weekly close for guidance here.
Michael Boutros, Sr. Technical Strategist
MBForex
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.