EURUSD continues the incredible breakout – eyes the session high! Check out our EURUSD technical!
In this article we will guide you and show you through our EURUSD technical analysis.
Weekly has one target at 1.17643 – 68 pips above the current position. The rsi is just below the sell zone indicating further up movement to come from this pair in this time frame.
Daily shows one target at 1.18532 – 154 pips above the current position. The rsi is in the buy zone, however it is still pointed down indicating further down movement to come. It should not be long before it turns back up to climb up to the sell position.
Traders with profits with the EURUSD
If you are following “Rocket Fund” on Zulutrade you have probably noticed that he is trading a lot with the EURUSD currency pair.
He claims to trade mostly on the 1 Hour charts. Two major reasons why Rocket Fund likes trading the EURUSD on 1 Hour charts are:
- that it is the most liquid forex market pair with two major economies.
- and it has tighter spreads then other forex pairs.
Do you have any questions regarding EURUSD technical?
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EURUSD in the news
Euro has rallied nearly 5% off the November lows against the US Dollar with a breakout in EUR/USD stretching to fresh yearly highs into the December open. The breakout is a manifestation of the 2020 opening-range breakout registered back in July and while the outlook remains weighted to the topside, waning sentiment warns of possible exhaustion in the weeks ahead.The euro is beginning to crack down, according to FX Street.
EUR/USD had, “reversed off confluence downtrend resistance with the decline now approaching lateral support near the 1.16-handle.” Price registered a low at 1.1602 before marking an outside-weekly reversal with the subsequent rally breaking to multi-year highs into the December open.
The breakout is now testing initial resistance at the 78.6% Fibonacci retracement of the 2018 decline at 1.2148 with momentum still marking weekly divergence with the September highs. A topside breach / close above this level keeps the focus on subsequent objectives at channel / parallel resistance (red- currently near 1.2220s) backed by the 88.6% retracement at 1.23378 and the 2018 high-week close at 1.2409– both levels of interest for possible topside exhaustion IF reached. Initial weekly support now rests with the 2018 yearly open / 61.8% extension at 1.2005 with broader bullish invalidation now raised to 1.1823/35.
Bottom line: The Euro breakout has already extended into initial resistance objectives and while the immediate rally may be vulnerable here near-term, the outlook remains weighted to the topside while above 1.1835. From at trading standpoint, a good zone to reduce long-exposure / raise protective stops – losses should be limited to 1.2005 IF price is heading higher on this stretch. Be on the lookout for possible exhaustion into the upper parallels heading deeper into the month
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