EURUSD is getting ready to make new yearly highs.

Jackson Hole Symposium starts today and this will definitely help to spice up the trading as data wise the calendar was rather empty. When we do not have much data in the calendar there is always one point, actually a person, that we can count on – Donald Trump. His words are very often influential for the USD and this week he triggered bigger movements talking about a possible Government shutdown and about terminating the NAFTA deal. This week USD had better and worse days but generally, at the end of the week, traders have a bearish sentiment towards the USD.
The negative approach to the USD can be seen especially on the EURUSD. Here we broke the upper line of the flag (bullish trend continuation pattern) and went to test the local resistance on the 1.183 (blue). The first test was negative and the pair fell sharply. Yesterday buyers made the first step for another test – they retraced almost the whole drop that we experienced on Tuesday. In addition to that, movements seen in the last two days allowed to create a right shoulder of the Inverse Head and Shoulder pattern (SHS on the chart). So we do have two bullish formations here, flag and iH&S working together. If we are going to add to that a bullish trend in overall and a bounce from the 1.169 support (pink), we get a nice positive mixture on the EURUSD.
As long as we stay below the 1.183 resistance there is no clear buy signal yet. Breakout of this level should be perceived as an invitation to go long. Positive sentiment on this pair will stay as long as the price will hold above the 1.169 support.
Tomasz Wisniewski
Chief Analyst – Alpari Research & Analysis Limited
Alpari Research & Analysis LTD (UK) is a company part of Alpari Brand, which aims to deliver superior market research, analysis and trading education for free both to Alpari’s clients and the general public.
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