Here is the monthly chart of the EURUSD.
Price was contained between 2014 and 2016. At the beginning of 2017 we made a false break to the downside. This created a fast move to the upside. Price broke out of the consolidation range, and retested it in October and November. We have since rallied in December, and finish 2017 with a bullish tone. None of this is bearish.
It looks as though the EUR wants to test the longterm down trendline. This comes into play at around 1.25. From there, we can roll over, or break free to test the next level - longterm resistance at around 1.35. Interestingly, the bullish move on 2017 suggests a measured move to a similar level. But this may be getting too far ahead.
For now, we can say that a test of 1.25 is likely for the EUR in 2018. Also check out the bullish divergence in the Stoch RSI. This is a clue that things could be getting interesting.
I'm flat, looking to long.
Price was contained between 2014 and 2016. At the beginning of 2017 we made a false break to the downside. This created a fast move to the upside. Price broke out of the consolidation range, and retested it in October and November. We have since rallied in December, and finish 2017 with a bullish tone. None of this is bearish.
It looks as though the EUR wants to test the longterm down trendline. This comes into play at around 1.25. From there, we can roll over, or break free to test the next level - longterm resistance at around 1.35. Interestingly, the bullish move on 2017 suggests a measured move to a similar level. But this may be getting too far ahead.
For now, we can say that a test of 1.25 is likely for the EUR in 2018. Also check out the bullish divergence in the Stoch RSI. This is a clue that things could be getting interesting.
I'm flat, looking to long.