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EUR/USD Heads for the Highs, After Placing A Higher Bottom Last Week

EUR/USD has been quite bullish since late May. It made a strong move  higher during that time, but then stalled during most of June. Although, the bullish momentum resumed again in July, pushing this pair above 1.19, but buyers couldn’t hold the price above that level.

They had another attempt in August, but that area rejected the price again. EUR/USD pulled back lower, but the support area above 1.17 held once again, which means that EUR/USD was trading inside a 200 pip range during that time.

In the third week of August, we saw a move to 1.1960s for EUR/USD, but buyers gave up and this pair pulled back down. Now, it seems like the support zone has also moved around 50-60 pips higher, at 1.1750-60, so the range remains around 200 pips wide. Now, EUR/USD is back above 1.19, heading for the previous high. But, if it fails up there at 1.1950-60 again, then we might open a sell signal, but we will be careful, because the big names might hunt the stops above 1.120.

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Skerdian Meta
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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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