EURUSD – above 1.3400 confirms bullish consolidation

Euro has now spent a week above the recently broken long-term downtrends. The consolidation above the breakout levels is following a bullish uptrend from 1.28. As long as Euro can hold above 1.3298 then we still consider this multi-week range part of a bullish pennant that will carry prices through 1.3417/52.

S/t, uptrend and pivot support is 1.3323 today. In order to further push the bull case prices need to better resistance at 1.3398. This sets up and expected range for the day of 1.3323/98. A triangle breakout will set the stage for the second another a-b-c rally similar to the move from 1.28-1.34.

Read the full report: EURUSD



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