Euro Crunch Continues
Euro is exhausting just ahead of the upper bounds of a massive multi-month consolidation pattern. An embedded near-term ascending pitchfork formation has been guiding this recovery with price turning from the 75% parallel late-last week.
Initial support rests with the 200DMA (~1.0784) backed by 1.0755- losses should be limited to this threshold IF price is heading higher on this stretch.
Ultimately, a breach / close above the June high-day close (HDC) at 1.0879 is needed to suggest a much larger breakout is underway here.
US CPI and PPI on tap Thursday & Friday. Watch the weekly close for guidance here.
Michael Boutros, Sr. Technical Strategist
MBForex
Initial support rests with the 200DMA (~1.0784) backed by 1.0755- losses should be limited to this threshold IF price is heading higher on this stretch.
Ultimately, a breach / close above the June high-day close (HDC) at 1.0879 is needed to suggest a much larger breakout is underway here.
US CPI and PPI on tap Thursday & Friday. Watch the weekly close for guidance here.
Michael Boutros, Sr. Technical Strategist
MBForex
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。