EUR/USD HOLDING UPTREND
10 MAY 2020
14H00
BY
EDWARD M. HAMMAN
SENIOR TECHNICAL ANALYST
Wadafox Trending™️
The EUR/USD has shown some potential this past week when the market pushed down but the bulls were still strong enough to hold the small uptrend as shown in the below figure.
The market tested the trend line 3 times and made a new high, which is an indication that we can expect a bullish week to come.
Please comment if you want to see any other currency analysis done by us. My main focus is EUR/USD but if you are trading a different currency, let us know in a comment and we will cater for your needs.
Regards
Wadafox trending team
(THE ABOVE INFORMATION IS PURELY SPECULATIVE AND WE DO NOT ACCEPT ANY LIABILITY FOR GAINS NOR LOSSES ACHIEVED BY USING THE GIVEN INFORMATION)
The market tested the trend line 3 times and made a new high, which is an indication that we can expect a bullish week to come.
The market formed a wedge as seen in the above figure, and I am almost certain that it will break out to the upside. Three indications proves my point:
- last week made a higher high and higher low than the previous week
- the A/D line indicates a bullish week next week due to being oversold
- last week ended n an inverted head and shoulders (bullish) pattern, as seen on my previous blog post.
Please comment if you want to see any other currency analysis done by us. My main focus is EUR/USD but if you are trading a different currency, let us know in a comment and we will cater for your needs.
Regards
Wadafox trending team
(THE ABOVE INFORMATION IS PURELY SPECULATIVE AND WE DO NOT ACCEPT ANY LIABILITY FOR GAINS NOR LOSSES ACHIEVED BY USING THE GIVEN INFORMATION)
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