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EUR/USD Breaks to New Weekly Highs

EUR/USD Breaks to New Weekly Highs

Walker England, Forex Trading Instructor

Talking Points

The EUR/USD is trading near daily highs after breaking out above resistance at 1.1240 in early trading. This move has been predicated on a general US Dollar selloff against most major pairs, including the EUR/USD. Fundamentally, traders may look towards Friday’s U.S. CPI release to gain further insight on longer trends for the US Dollar. Expectations are set at 1.0% (YoY) (AUG), but any deviation from this value may directly impact the EUR/USD. In the short term, traders may continue to monitor 1.1240 as a point of support and the current high of 1.1274 as a point of resistance.

EUR/USD, 30 Minute Chart with Breakout

(Created using Marketscope 2.0 Charts)

In the 3-minute graph below, the EUR/USD can be seen breaking out higher in this morning’s trading. The Grid Sight Index (GSI) has interpreted this move as a developing short-term uptrend by identifying a series of higher highs on the chart. After reviewing 36,008,315 pricing points, GSI has indicated that price action has continued to advance by 10 pips or more in 63% of the reported 38 historical matching events. It should be noted that the first displayed bullish distribution is found at 1.1281. A move through this point would have the EUR/USD trading at new daily and weekly lows.

Alternatively, GSI has indicated that prices have advanced by 31 pips or more in 33% of the 38 historical matches. Today’s first bearish historical distribution is found at 11240. A move through to this value would be significant, as it would place the EUR/USD back at the origin of this morning’s breakout. In this scenario, traders may look for a breakout below this vale to signal the beginning of a new short-term uptrend. Alternatively, a bounce at this level would suggest a potential retracement back towards values of resistance

Want to learn more about GSI? Get started learning about the Index HERE.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.