#EURUSD is seasonally bullish this time of year and the price has now broken the bearish trend. Could this produce a long opportunity?
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The EURUSD was featured in our week ahead analysis this week as we identified that seasonally through December the EURO outperforms most currencies and the USD underperforms. We have also seen recently that the Federal Reserve is looking at ways to reduce the rising inflation and this has put pressure on the USD. These combined factors could see the price of EURUSD rally in the short term.
The technical analysis on the lower time frame are starting to agree with the bullish seasonal bias currently. The weekly time frame is in a down trend however in a retracement phase. This phase should see the lower time frame form a higher high, higher low pattern. Looking at the 4hr chart we can see that the price has broken through the trendline resistance and closed higher. This is the first sign of a bullish trend developing. We can look for a long opportunity if the price comes back to retest the demand zone highlighted on the chart.
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