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EUR/USD Consolidation after the Gap is Bullish

EUR/USD Consolidation after the Gap is Bullish

2017-05-02 16:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Consolidation after the Gap is Bullish

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-The EUR/USD gap through a trendline is a great way for a ‘sizeable move’ to begin. A trendline confluence is near 1.1000 and could influence for a pause. After that, the long term median line is near 1.1100. If that breaks, then start getting creative on where this could go (will address it when/if action dictates). Near term, it’s a positive that price has consolidated in a range following the gap rather than pulled back to fill the gap.

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

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