Yesterday’s Cardano (ADA) breakout setup turned out pretty well but today I’m going back to one of my favorite forex pairs for opportunities.
I’m talking about EUR/USD! I saw a short-term uptrend just might yield pips in the next trading sessions.
Let me know what you think of this chart:
EUR/USD looks like it’s finding support at the 1.2200 major psychological handle that’s also near the 1-hour chart’s SMAs and a trend line support that’s been around since the start of the month.
I didn’t see any big pro-dollar catalyst, but my forex friends told me that profit-taking ahead of the long weekend in the U.S. may have boosted dollar demand yesterday.
Let’s see if the bulls can get right back on EUR/USD’s short-term uptrend. There aren’t any top-tier reports scheduled during the London session, so traders will likely take their cues from the U.S. preliminary GDP release during the U.S. session.
If Uncle Sam’s growth gets a small upgrade as markets are expecting, then we could see a bit of risk-taking that would push EUR/USD’s prices back up to its 1.2260 highs.
But if the pro-dollar, anti-risk themes extend to today’s London and U.S. trading, then EUR/USD could break below its trend line support and maybe make a play for the 1.2125 or 1.2100 inflection points.
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