Persistent Euro

Anne received an email yesterday regarding the Euro Dollar on the larger time frame so below is a weekly chart analysis for you.

The chart below shows a weekly at a resistance at the 1.5900 zone. It has been 5 weeks now and has not reversed with more than 1 bear weekly candle. This shows persistence and a reluctance to change the trend. This consolidation normally shows further strength once an ESL on the BOB is applied for a trigger point. The range trading is absolutely normal after a big move up.


Chart courtesy of Advanced GET. Data provided by eSignal.

Good trading.

Forex Analysts
Javid Shaik & Anne Chapman