The Euro May Have Bottomed
The Euro has faced steady selling pressure since July, but now there may be signs of the currency bottoming against the greenback.
The first pattern on today’s chart is the falling trendline along the weekly highs. EURUSD has been pushing above that resistance this week. Notice how it started rallying a year ago after breaking a similar trendline.
Second is the January low around 1.048. The currency pair fell under that level in early October but recovered. The results were a false breakdown and a hammer candlestick. Chart watchers may view both as bullish reversal patterns.
This setup could keep traders on alert for a potential rally given upcoming events like gross domestic product (GDP) Thursday morning, the Federal Reserve meeting on November 1 and non-farm payrolls on November 3.
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The first pattern on today’s chart is the falling trendline along the weekly highs. EURUSD has been pushing above that resistance this week. Notice how it started rallying a year ago after breaking a similar trendline.
Second is the January low around 1.048. The currency pair fell under that level in early October but recovered. The results were a false breakdown and a hammer candlestick. Chart watchers may view both as bullish reversal patterns.
This setup could keep traders on alert for a potential rally given upcoming events like gross domestic product (GDP) Thursday morning, the Federal Reserve meeting on November 1 and non-farm payrolls on November 3.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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