Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

EUR/USD Extends Rally; Where Will it Find Resistance?

EUR/USD is extending the 2017 bull run, and is approaching the 1.20 psychologcal handle, which would also mean testing a previous support pivot as resistance. But there is so much bullish momentum, I wouldn't be surprised if EUR/USD pushes through 1.20, though some short-term consolidation around 1.20 could be expected. 

EUR/USD Weekly Chart

(click to enlarge)

Channel Resistance:
- When looking at the weekly chart, we can see that price has been in a falling channel since a secular downtrend started in 2008. 
- Price might stick around 1.20 for a while, but it rallies again, we should limit the upside to 1.25. 
- If EUR/USD reaches 1.25, it would likely be challenged by a falling channel resistance. The area around 1.25 was also a support/resistance pivot going back to 2004.