Euro up from prior session, 1hr Bull Pennant in progress

Posted by Bruce Levy on

While the Euro appears slightly overextended to the upside it appears to be holding in a bull pennant formation.

At the moment euro is trading at the edge of the main profiles trading range, indicating interest of breaking to the upside.

However this areas outside contains very low volume. In order for the Euro to pass through this level it must do so on an increase in volume; if this is the case it could hit the measured move targets of 1.184 very quickly.

In addition, the Price Magnet Indicator is still showing a print at the 1.194 level and could act as eventual swing targets for the Euro.

As for the USDollar it appears to be forming a widening pattern which is typically bearish. Being that it has rejected the highs of the channel it could be on its way down to the lower, which could help push the Euro higher.

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