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
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.