EUR/USD breakout soon ?
Hello traders,
This pair has been trading in a narrow range for the recent days where bulls and bears are fighting to take control
Bulls aim to break 1.132-3 resistance area in order to keep advancing towards higher levels near 1.139 where sits a 7-month down trend-line.
Bears aim to break 1.127-5 support area in order to keep retreating towards lower levels near 1.12-1.118, the YTD low.
Watch out for these two levels for a better view.
Fundamentally, the risk is still tilted downward as the euro zone is still struggling to recover and expand and the ecb still in accommodating mode not willing to raise rates anytime soon.
Trade safe.
This pair has been trading in a narrow range for the recent days where bulls and bears are fighting to take control
Bulls aim to break 1.132-3 resistance area in order to keep advancing towards higher levels near 1.139 where sits a 7-month down trend-line.
Bears aim to break 1.127-5 support area in order to keep retreating towards lower levels near 1.12-1.118, the YTD low.
Watch out for these two levels for a better view.
Fundamentally, the risk is still tilted downward as the euro zone is still struggling to recover and expand and the ecb still in accommodating mode not willing to raise rates anytime soon.
Trade safe.
Ramzi Abou Abdallah, CFTe, CMT
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