EUR/USD Outlook,Uptrend intact, Bulls have 1.1480 on their radar
Dear Traders, EUR/USD Bulls have cleared the minor hurdle at 1.1150 quite easily and taken the price above 1.12.
In my last update, I wrote about the possibility of US Dollar entering a new weak cycle.
The possibility of EUR/USD breaking this 2 year consolidation phase is very high now and as per my analysis, EUR/USD could trade closer to 1.22 in the next 5-6 months.
However, that's a very long-term prospect and I don't let long-term bias cloud my trading decisions.
Bulls are still strong and looks prepared to take the price to 1.1480. However, there could be some profit taking and a small pullback for the USD Dollar to the upside.
So, new buyers can go long on EUR/USD if a small correction happens and ride the next leg up till 1.1480.
In my last update, I wrote about the possibility of US Dollar entering a new weak cycle.
The possibility of EUR/USD breaking this 2 year consolidation phase is very high now and as per my analysis, EUR/USD could trade closer to 1.22 in the next 5-6 months.
However, that's a very long-term prospect and I don't let long-term bias cloud my trading decisions.
Bulls are still strong and looks prepared to take the price to 1.1480. However, there could be some profit taking and a small pullback for the USD Dollar to the upside.
So, new buyers can go long on EUR/USD if a small correction happens and ride the next leg up till 1.1480.
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