Good morning traders,
Amid a lack of European positive data, EUR/USD has pushed back above major horizontal range resistance.
A 130 pip, straight line rally like this on an intraday chart without the accompaniment of a news release isn’t something you see everyday and speaks volumes about the markets that we’re seeing lately.
Strong selling pressure can be seen across the majors and with Euro breaking above and reactivating that highly significant support/resistance level, the pair has been a major benefactor.
I’ve included the higher time frame, weekly EUR/USD chart simply for context around the horizontal range top that I’m referring to above. If you haven’t included the level on your MT4 charts, then it’s worth leaving in for the long term. It’s certainly the type of higher time frame level that when broken, will likely still be significant in the future.
Best of probabilities to you!
Dane Williams – Vantage FX
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Source: Vantage FX Blog