EUR/USD has been a very consolidated market in previous weeks. With price trading between the upper and lower ranges of 1.1470 and 1.1270 respectively .
Even though there has been many attempts to break below or above the consolidation box all of them have failed.
Current price action has broken the long term trendline and unlike previous tests there is enough follow through buying to suggest a potentially successful breakout above the consolidation box.
If this proves to be an actual breakout we should expect a pullback to test the breakout gap before further upward move
Even though there has been many attempts to break below or above the consolidation box all of them have failed.
Current price action has broken the long term trendline and unlike previous tests there is enough follow through buying to suggest a potentially successful breakout above the consolidation box.
If this proves to be an actual breakout we should expect a pullback to test the breakout gap before further upward move
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Pullback test complete
We should expect upward movement
We should expect upward movement