-
EURUSD Weekly Technical Outlook: Euro Testing Resolve of Shorts
The Euro is currently making a run above the trend-line extending down from the March high, giving the single-currency some renewed life. A climb, however, will be needed above the May 1 reversal-day high before further upside can develop. If we see EURUSD turn down from around this month’s high a broader ascending wedge (most easily visible on the 4-hr chart) could come to form nicely. This pattern suggests further price appreciation with the higher lows marking increased strength. But we will need to see a breakout as these patterns can resolve themselves in either direction. Whether a climb above the May 1 ... (full story)