Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
Following up on last week’s article on the Eurusd currency pair, we saw a monthly breach and retest of the long-term trendline. The retest and subsequent bounce suggests the completion of a new ‘C’ retracement at the .382 fibonnacci level. Having only put in such a shallow retracement, I am expecting a fast and aggressive run to higher levels. The underside of breached channel support line on the daily chart represents immediate resistance at the 1.4700 level. A breach of this line and follow-through to break the daily high at 1.4940 is needed to confirm this view and complete the bullish reversal. Further to the upside, the1.5144 weekly high should be the next main focus for the bulls to attain; followed by the all-time high at 1.6038.
My outlook remains decidedly bullish on this pair, and, short of any major developments to the contrary, I will be looking for buying opportunities on retracements.
Thanks for taking the time to read this article, and please feel free to share your own views and outlook. Happy Weekend!
Other useful blogs:
Forex Crunch: Forex Weekly Outlook- June 6-10
The GeekKnows- Daily Commentary on Eurusd
One other free trading tool I recommend is Currensee . It can be a useful tool to be able to see how other professional traders are doing.