Strategy Video: EURUSD Breaks Support to Extend Fundamental, Technical Trend
• EURUSD marked a technical break of recent wedge support and a 50% Fib at 1.3325
• However, the momentum for this recent continuation effort may prove uneven given its catalyst
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EURUSD has cleared support and further progressed a four-month reversal into a fully developed bear trend. However, does this most recent push promise momentum? The medium and long-term fundamental and technical picture paint a very appealing view. The turn off resistance from a decade-long wedge pattern has aligned itself to a larger change in underlying fundamentals: through growth, rate speculation and perhaps eventually risk trends and capital flows. The opportunity is significant, but the market's momentum behind the theme is still lacking. What should we look for in an active trade? How quickly should we expect a setup to play out under these circumstances? We focus on the EURUSD in today's Strategy Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.