EURUSD: At the Middle of the 9 Year Channel, What’s Next?

EURUSD: had gained more 7.8% since its low in January 2017. In fact the bullish run has been going on for 8 months. Currently, the pair is in a pullback trading below 1.175 from its high of 1.195, which was expected as the pair has been in extremely overbought territory (RSI: 74.6) for the last few weeks now. Personally, it is very well possible that the pullback could last weeks before buyers are jumping back into the market, evident by being overbought on the weekly chart. Thus, be patient and look for good opportunities to buy.

Strategy:

Plan A: Buy at 1.140-1.160, Target Price 1.200/1.220/1.260, Stop Loss 1.100

Weekly Chart

Click Here for Interactive Chart

Visit CryptoFromBed.com to explore our Crypto-Currency trading ideas and strategy. Check out our latest analysis on Ethereum or our Forex analysis on USDJPY.

Trade now with XM broker

Leave a Comment

Your email address will not be published. Required fields are marked *