EURUSD Daily MACD Trying to Positively Cross

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The EURUSD edged higher yesterday, completing what loosely can be described as a Bullish Island Reversal (on the daily chart). Although a longer green candle yesterday would have bolstered the reversal case, today's green candle so far reinforces the bounce off upchannel support (on the daily chart) and the psychologically key 1.15 level. Given that the EURUSD is now pushing up against downchannel resistance (on the 4hr chart), a bit of consolidation can be expected today, but any pullback will be increasingly aggressively bought on dips by longer term bulls expecting a resumption of the upchannel (on the daily chart). The catalyst for a continued push higher today will likely be the US' m/m change in CPI and Core CPI figures released at 830am EST. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking at going long in the green zone (of the daily chart), targeting the red zone by Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).


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EURUSD Technical Analysis

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