Currency
by Seth Parker on September 21, 2018

EURUSD Analysis – Broken resistance!

Time to deal with the EURUSD, which was previously mentioned on the 13th of September. In our previous piece about the main pair, we were bullish and we highlighted that in our previous piece:

“Yesterday, buyers managed to break the mid-term down trendline, which was connecting the top of the head and the right shoulder. In theory, that gives us a buy signal. The only obstacle for the full purchase mode is the horizontal resistance on the 1.165 (blue). Once this one will be broken, sellers will have no hope left. „

eurusd chart

Since those words were written, the price was going modestly higher but the real game changer happened yesterday. EURUSD surged and the price broke a super important horizontal resistance on the 1.174. That crashes the bearish dreams and opens us a way towards the new mid-term highs. From the technical point of view, we do not have any important resistances left so after a small drop (usual correction), we will be ready to climb higher and higher.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

More content by Seth Parker

Comments (0 comment(s))