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Forex Fundamental Analysis

Tue,20 Dec 2016-   TechnicalAnalysis

The previous day high of the pair EURUSD was 1.048 whereas previous day low was 1.039. As evident from the screenshot the previous movement of the pair is showing firstly a descending wedge pattern and secondly there is extreme consolidation of the price trend between previous high level and previous low level.  As far as today’s analysis is concerned there is high probability of bullish trend but the best time to go for long trade is when there is a bullish wedge breakout, in this case two target profits can be set: one at 1.048, if there is still bullish trend continuity second target profit can be set at 1.06554 and further long trade can be followed if there is bullish trend continuity but in case of pullback counter short trade opportunities can be availed. News related to EUR: German PPI, Current Account is due today.

Aimen Tayyab

Financial Analyst