Buying the Pullback in EUR/USD on the 15-Minute Chart
Skerdian Meta • 1 min read
The Euro turned bullish last week after the decline below 0.99 and pushed above parity, where it closed the week. Last night it opened with a bullish gap and it has been building on its gap higher today to start the new week. After having sat more mixed earlier in the day, the dollar is now struggling across the board as risk sentiment is also picking up.
EUR/USD is now up over 1% to fresh highs since 18 August. The technicals suggested a daily break above the swing region resistance of 1.0075-90 which would allow for the euro to come up for air and get some breathing room. Buyers pushed up to 1.2 almost, and but failed to break above that level and the price has been retreating lower. The next key support area to watch for will be at 1.0330-40 where we decided to open a buy signal.
EUR/USD 15 Minute Chart –
Is the pullback over?
A couple of hawkish undertones set out by ECB policymakers over the weekend might be a reason for the latest push here but on the balance of things, I’d still argue that shorts are more favoured especially when we get closer to the key technical resistance levels above. But for now there is a goo chance that we see a decent bounce off this support area, at least until the price reaches our take profit target.