EURUSD 1.1286 – Short-term bullish – Approaches the 1.1331/1.1395 resistance zone
EURUSD rose from the 1.1086 swing low (August 31, 2015) to reach 1.1309 Friday (September 11, 2015 high), retracing near 38.2% of the 1.1713/1.1086 fall. The pair is approaching the resistance cluster including the 1.1331 lower high (August 31, 2015) just beneath the February/May/June trendline (as marked on the 240minute chart) and then 1.1395 (August 25, 2015 low) near 50% of the 1.1713/1.1086 fall. The pair needs to overcome the zone to challenge the 1.1713 spike high (August 24, 2015) near the 16-month falling trendline (from May 5, 2014 peak). However, back below the 1.1170 low (September 10, 2015) would turn the bias bearish and shift the focus to the 1.1086 area (September 3, 2015 low).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
EURUSD rose from the 1.1086 swing low (August 31, 2015) to reach 1.1309 Friday (September 11, 2015 high), retracing near 38.2% of the 1.1713/1.1086 fall. The pair is approaching the resistance cluster including the 1.1331 lower high (August 31, 2015) just beneath the February/May/June trendline (as marked on the 240minute chart) and then 1.1395 (August 25, 2015 low) near 50% of the 1.1713/1.1086 fall. The pair needs to overcome the zone to challenge the 1.1713 spike high (August 24, 2015) near the 16-month falling trendline (from May 5, 2014 peak). However, back below the 1.1170 low (September 10, 2015) would turn the bias bearish and shift the focus to the 1.1086 area (September 3, 2015 low).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
