About To Break Higher From The Current Euro Consolidation?

October 30, 2019

EUR/USD

Our yesterday’s commentary on this currency pair mentions the bears’ problems with breaking below the orange support zone. It also notes the potential implications of this situation.

What happened after our Forex Trading Alert was posted? Let’s focus on the chart below to find out.

We see that EUR/USD closed Tuesday above the green horizontal line based on the mid-September peak. Earlier today, the bears attempted another downswing, but the bulls successfully stepped in, pushing the exchange rate above yesterday’s high. This has made our open long positions profitable.

Taking all the above into account, we continue to think that higher values of EUR/USD could be just around the corner – especially if the exchange rate closes today’s session above the peak of Friday’s candlestick. This candlestick we be considered as the upper border of the very short-term consolidation.

What could happen if the bulls show more strength?

Let’s quote from our yesterday’s Alert:

(…) In our opinion, EUR/USD will likely test the upper border of the declining purple trend channel or even the recent peaks.

If you enjoyed the above analysis and would like to receive daily premium follow-ups, we encourage you to sign up for our Forex Trading Alerts to also benefit from the trading action we describe – the moment it happens.  This analysis' full version features also the USD/JPY and USD/CAD pairs, describing what exactly makes us open a new position and why. Check more of our free articles on our website – just drop by and have a look. We encourage you to sign up for our daily newsletter, too - it's free and if you don't like it, you can unsubscribe with just 2 clicks. If you sign up today, you'll also get 7 days of free access to our premium daily Gold & Silver Trading Alerts. Sign up for the free newsletter today!

Nadia Simmons

Forex & Oil Trading Strategist

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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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Nadia is a private investor and trader, dealing in currencies, commodities (mainly crude oil), and stocks. Using her background in technical analysis, she spends countless hours identifying market trends, major support and resistance zones, breakouts and failures. In her writing, she presents complex ideas with clarity that enables you to easily understand market changes, and profit on them. Nadia is the person behind Sunshine Profits' 3 premium trading services: Forex Trading Alerts, Oil Trading Alerts, and Oil Investment Updates.

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