Hi Traders,
EUR/USD took a tumble today after reaching fresh highs and potentially breaking out of current the multi-year range.
The fall was due to comments by FED Chair Janet Yellen compounded by price breaking the key phycological 1.145 level which was a prime level for the bears to re-enter and take control of price direction.
I anticipate that the bulls will be waiting to resume buying at a favourable level and have highlighted the green triangle as a key level for the bulls to re-take control.
Structure is onside as is a potential trend line, we can expect price to at the least trade within the highlighted range before breaking out most likely to the upside.
The breakout could occur as soon as tomorrow with Yellen testifying and employment data on the news docket. If not tomorrow, Friday's retail sales figure may do it.
EURUSD
EUR/USD took a tumble today after reaching fresh highs and potentially breaking out of current the multi-year range.
The fall was due to comments by FED Chair Janet Yellen compounded by price breaking the key phycological 1.145 level which was a prime level for the bears to re-enter and take control of price direction.
I anticipate that the bulls will be waiting to resume buying at a favourable level and have highlighted the green triangle as a key level for the bulls to re-take control.
Structure is onside as is a potential trend line, we can expect price to at the least trade within the highlighted range before breaking out most likely to the upside.
The breakout could occur as soon as tomorrow with Yellen testifying and employment data on the news docket. If not tomorrow, Friday's retail sales figure may do it.
EURUSD
