EUR/USD was being traded in a very congested area. We have a breakout from a triangle 1.0565-1.0541 which should set the direction for the market until midday at least. At the moment the momentum is bullish and we are breaking higher (above 61.8% of 1.0586-1.0526). Buy signals on BWAO and BWAC (the price was 1.0550 then).
The nearest fractal hour is 12:00-13:00 (res 1.0617 and 1.0665).
We have just had a new high 1.0596, just 5 pips from last week's resistance. Still 1.0628/36 possible as long as we are above a newly formed support. The market is retracing on covering long position but near 1.0565/56 should resume building up longs once again. Divergence on hourly stochastics.
I see some technical analysts who are predicting that eur/usd will be toppish around 1.0650/1.0700, then a nice correction will happen to 1.0300-1.0000.
I'm agree with them ...
Good luck.
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Nicolas Longchamp, Realtime Forex.
There may be a trap right here, even today. The market has bounced off from support 1.0565 30 pips and the momentum fizzled somehow. I can see EUR/USD finely tuned today even on M15 charts.
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