The pair continues to trade sideways and we still wait for a major validated breakout to get a better picture of the possible future developments.
The EURO has been surging in the beginning of the week to reach a top at 1,4520 before rolling-over. At the end of the week, the pair has found renewed support on top of the 1,43 level to bounce once again.
It is definitly a pair some traders like to “swing” for quite some time now.
It is worth noting that the major has a slight bullish bias over the long term considering the weekly chart which still displays a rising 20 moving average which might lead to the next resistance at 1,47 (upper bollinger band).
For the time being, we recommend to stay on the sidelines.
Provided by atf-forex-trading.com