EUR/USD Technicals – Price Remain Supported Despite Monday Blues

5 Min Chart

http://forexblog.oanda.com/mserve/EURUSD_261112M5.PNG

Risk-off sentiment was prevalent on Monday Morning, bringing EUR/USD lower. Price suddenly surged higher during Europe Pre-Market hours, but fell back quickly below 1.2975 resistance, forming an Evening Star candlestick pattern in the process.

Hourly Chart

http://forexblog.oanda.com/mserve/EURUSD_261112H1.PNG

From the Hourly Chart, bullish momentum does not appear to be slowing down with price bouncing off L3 and the rising trendline with ease. However, 1.299 – 1.30 continues to act as overhead resistance, potentially forming an upward triangle should price continue to respect the upward trendline.

 

Get OANDA's exclusive weekly Market Pulse FX

Email Address: Preferred Format:

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsForexGlobalMarketsTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!