EURUSD 1.1267 – Short-term bullish – Rises towards key weekly resistance cluster
EURUSD rose from the 1.1086 swing low (August 31, 2015) to reclaim Tuesday’s 1.1230 high (September 8, 2015) and the 200 day moving average to suggest return of strength near term and open last week’s 1.1331 lower high (August 31, 2015) just beneath the February/May/June trendline (as marked on the weekly chart). A decisive break above there would confirm a triangle breakout and extend strength towards the key resistance cluster including the 1.1713 spike high (August 24, 2015) near the 16-month falling trendline (from May 5, 2014 peak) and the 1.1790 (38.2% retracement of the 1.3993/1.0461 entire fall near the 6-month rising channel upper bounds. The 1.1086 area should support the upleg. Below would negate the near-term bullish scenario.
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
EURUSD rose from the 1.1086 swing low (August 31, 2015) to reclaim Tuesday’s 1.1230 high (September 8, 2015) and the 200 day moving average to suggest return of strength near term and open last week’s 1.1331 lower high (August 31, 2015) just beneath the February/May/June trendline (as marked on the weekly chart). A decisive break above there would confirm a triangle breakout and extend strength towards the key resistance cluster including the 1.1713 spike high (August 24, 2015) near the 16-month falling trendline (from May 5, 2014 peak) and the 1.1790 (38.2% retracement of the 1.3993/1.0461 entire fall near the 6-month rising channel upper bounds. The 1.1086 area should support the upleg. Below would negate the near-term bullish scenario.
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral