- 61.8% Fib line of the big decline
- Previous high of 1.4719ish
- Major line 1.4600
We are in a important zone.
I mentioned a few articles earlier that we may range around here. Indeed we are.
Caught between 1.4600ish and 1.4500ish for the past few days does test the best of patience.
In the previous article, i mentioned about the higher highs of this currency pair.
As we can see from the chart above, today’s high is lower and it has been a bearish day.
Considering the factors above, i am very tempted to speculate a top at this levels.
Looking at the S&P 500, positive sentiments seems to be strong as seen here in this bullish pattern.
Bullish S&P 500 may put buying pressure on the EUR/USD.
Oil remains at 68ish and is currently bullish.
Interesting to note that gold has retreated from the 1000 mark for now and this may eventually give some selling pressure to the currency pair.
Current resistances and supports remain the same for me and looking this mixed range of clues, i will be waiting for tomorrow’s price movements to gauge if bearish momentum is developing.
A close of tomorrow as a lower high may suggest it.
We are clearly in ranging conditions and the price may go either way. No point jumping into unknown waters.
If you really have an urge to speculate, watch for short term trends and use proper money management.