Yesterday’s Cardano (ADA) breakout setup turned out pretty well but today I’m going back to one of my favorite forex pairs for opportunities.
I’m talking about EUR/USD! I saw a short-term uptrend just might yield pips in the next trading sessions.
Let me know what you think of this chart:
EUR/USD looks like it’s finding support at the 1.2200 major psychological handle that’s also near the 1-hour chart’s SMAs and a trend line support that’s been around since the start of the month.I didn’t see any big pro-dollar catalyst, but my forex friends told me that profit-taking ahead of the long weekend in the U.S. may have boosted dollar demand yesterday.
Let’s see if the bulls can get right back on EUR/USD’s short-term uptrend. There aren’t any top-tier reports scheduled during the London session, so traders will likely take their cues from the U.S. preliminary GDP release during the U.S. session.
If Uncle Sam’s growth gets a small upgrade as markets are expecting, then we could see a bit of risk-taking that would push EUR/USD’s prices back up to its 1.2260 highs.
But if the pro-dollar, anti-risk themes extend to today’s London and U.S. trading, then EUR/USD could break below its trend line support and maybe make a play for the 1.2125 or 1.2100 inflection points.
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.