EURUSD – Can’t See The Forest For The Trees?

30 Apr - EURUSD Daily

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Hi All,

Just a quick update on EURUSD. Looking at the charts, this pair has been moving sideways with long tailed doji bars overlapping each other (Yellow circle). That, in my view, is  just a pile of mess.

Nonetheless, if you can’t see the forest for the trees, then its worth stepping back to look at the bigger picture.  As shown in the upward price channel, price is currently consolidating and it looks like it is ready to move again. As shown above, the next resistance level (around 1.314) looks like the next test for either a break (for long continuation) or a bounce (breakout from the bottom of channel). 

Frankly, either direction works for me as long as price starts moving again. Until then, I will be sitting aside.

Thank you for reading and happy trading.

 

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