Direct from the desk of Dane Williams.
With EUR/USD breaking resistance and moving higher, the pair has been on some bullish tear. Price printed 6 bullish daily candles in a row from the breakout and it's pretty clear that the buyers are in charge of this market.
But does the euro daily chart below show that we're due for a pullback?
EUR/USD Daily:
You're going to have to scroll over to the left yourself to find why I've drawn the next daily resistance zone where I have, but we're talking a zone that was activated and retested as resistance through 2018 and 2019.
If EUR/USD is going to pause and pullback anywhere, then this spot is as good as any. A clear higher time frame resistance zone that price has reacted to and at least paused for now.
I've still got correlated exposure on a GBP/USD short, so treading cautiously with this one. It's going to have to give a mighty clean intraday retest to get me to bite.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.