The Euro May Have Bottomed
The Euro has faced steady selling pressure since July, but now there may be signs of the currency bottoming against the greenback.
The first pattern on today’s chart is the falling trend line along the weekly highs. EURUSD has been pushing above that resistance this week. Notice how it started rallying a year ago after breaking a similar trend line.
Second is the January low around 1.048. The currency pair fell under that level in early October but recovered. The results were a false breakdown and a hammer candlestick. Chart watchers may view both as bullish reversal patterns.
This setup could keep traders on alert for a potential rally given upcoming events like gross domestic product (GDP) Thursday morning, the Federal Reserve meeting on November 1 and non-farm payrolls on November 3.
The first pattern on today’s chart is the falling trend line along the weekly highs. EURUSD has been pushing above that resistance this week. Notice how it started rallying a year ago after breaking a similar trend line.
Second is the January low around 1.048. The currency pair fell under that level in early October but recovered. The results were a false breakdown and a hammer candlestick. Chart watchers may view both as bullish reversal patterns.
This setup could keep traders on alert for a potential rally given upcoming events like gross domestic product (GDP) Thursday morning, the Federal Reserve meeting on November 1 and non-farm payrolls on November 3.
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