Eurusd: Defiant As Always

Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.

The Eurusd has settled into a descending channel on the daily timeframe, and the 4-hour is in the process of a bullish breakout above that channel resistance at 1.3690. There was a full bullish close above this line, which was followed by a retest, and now the price action is looking good for follow-through. I am looking for a retest of 1.3800 for a long target, just ahead of the daily resistance at 1.3861. Further to the upside, if the bullish momentum is maintained, the next major resistance is seen at 1.3930, at the underside of up-sloping trendline on the daily chart. Having seen how well the support at 1.3550 held on the retest, I would hesitate to consider shorts on this pair without overwhelming evidence from the technicals, and will not be looking for shorting opportunities below 1.3930.

Thanks for reading, and, as always, I would love to hear your own views. Safe trading! 🙂

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