28 Oct 2013
EUR/USD uptrend looking quite mature - 2ndSkies
FXstreet.com (Barcelona) - While the overall bull trend continues for the Euro, the momentum has been sluggish with the last 3 days only making 30 pips on a closing basis, notes Chris Capre, Founder at 2nSkies.
Capre expands: "Most of the gains over this last 8 day run has been over two days, being responsible for 230 pips of the last 300. Price is sitting just below key multi-year resistance at 1.3833. Bulls can either look for corrective pullbacks towards 1.3700 to get long, or on a breakout pullback setup above 1.3833 likely added fresh buyers to the uptrend which is looking quite mature."
Capre expands: "Most of the gains over this last 8 day run has been over two days, being responsible for 230 pips of the last 300. Price is sitting just below key multi-year resistance at 1.3833. Bulls can either look for corrective pullbacks towards 1.3700 to get long, or on a breakout pullback setup above 1.3833 likely added fresh buyers to the uptrend which is looking quite mature."