EUR/USD Already Reaches Top of Daily Range

Good morning traders,

How was your weekend? I hope it was as productive as mine 🙂

But as always, we’re back on Monday morning ready and raring to go with another look at the EUR/USD chart.

After EUR/USD broke out of its channel last week, price has continued higher all the way to now sit just 30 pips away from the daily range top.

EUR/USD Daily:
Click on chart to see a larger view.

What a rally!

After breaking out of the channel, the move has been swift and with a ton of momentum behind it. Anyone selling the top of that channel would have had their stops just above, which exaggerated the speed of the move up to the next resistance level that we’re at now.

There was a nice little breakout and retest of channel resistance though.

EUR/USD Daily 2:
Click on chart to see a larger view.

Even when markets have momentum behind them, they still almost always trade in a technical manner and this is just another textbook example.

How do you see price reacting to daily range top resistance from here? Let us know by mentioning @VantageFX on Twitter and sharing a chart with us.

Best of probabilities to you!

Dane Williams – @VantageFX

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Source: Vantage FX Blog