by Lucas Bedwell on September 21st, 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. „

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 Lucas Bedwell

With 3 years of trading experience across Forex, stocks, and cryptocurrencies, Lucas Bedwell has honed his market insights. His close connection to financial markets allows him to craft compelling copy, offering readers valuable perspectives and analyses that reflect his deep understanding of trading dynamics.