EUR/USD Reaches Daily Channel Resistance

We’ve been following this EUR/USD intraday breakout and retest after the market supposedly misjudged ECB President Draghi’s speech in relation to winding back the bank’s stimulus package.

If you take a look at this current EUR/USD hourly chart, you can see that the market in fact didn’t actually care what he said, and that headline drop was in fact just a nice pullback into previous resistance turned support and an opportunity to get long.

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

Next stop for price on it’s bullish run now brings us back up to the higher time frame and channel resistance.

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

If you’re already long off that previous hourly resistance turned support level, then you’re sitting pretty right now and can afford to hold for a higher time frame break out.

On the other hand, if you’re not already long then that intraday double top at higher time frame channel resistance must certainly be getting you interested in a possible short position?

Let us know what you’re watching or how you’re trading EUR/USD by giving @VantageFX a mention on Twitter.

Best of probabilities to you.

Dane Williams – @VantageFX

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Source: Vantage FX Blog