Commentary: EUR/USD is price action is carving a very convincing round bottom on lower time frames (15-240min), a strong technical signal that it may be resuming its climb from 2009. Furthermore, a round bottom frequently becomes a cup-and-handle formation (see image below) when a charged move hits an established support/resistance level and retraces.
Key resistance level for the EUR/USD cup-and-handle is 1.3970.
Invalidation level is key support break of 1.3415.
Posts
No comments:
Post a Comment