EURUSD attempting to enter previous resistance zone

First of all, I would like to warn against the trading of Euro pairs surrounding the Greece default discussion. As an IB of VantageFX, I received a margin warning. Leverage has been reduced by 50% on all Euro pairs. Just keep in mind that it’s better to not hit a negative balance than dispute the claims of one.

Nevertheless, it is still important to keep track of the Euro’s movement.

EURUSD 3-Hour
EURUSD 3-Hour

Trend-line tests once again as price soars into early afternoon. We near the approach of a this resistance zone that also serves as the base for an inverted or upwards triangle. Regardless of the technical terms, price is once again consolidating with a good probability of breakout out above. Why is the favor in this pair breaking out above? This is simply due to measuring the move away from the resistance zone. The move away simply isn’t as strong as it used to be signaling a continuation of this current uptrend.

Advertisements

A Pip For Your Thought?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s