ZuluTrade Blog

EURUSD is reaching triangle's target!

Market View | Wednesday, June 3, 2020 6:08 PM GMT

Following up on the previous posts, EURUSD is rallying to the upside having a positive strike of 7 bullish days. Fundamentals are helping the pair to grind aggressively as the greenback is in free fall. Reviewing the daily chart, the triangle’s target is at 1.1279, and it’s very close to being completed. Then profit-taking is maybe considered possible near this level. Traders may use 5 EMA as a short-term guide to monitoring the momentum. Also, RSI (9) is reaching 85 level and this is something that buyers need to watch closely.

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EURUSD daily chart

Heading to the hourly, RSI (9) has already started multiple negative divergences which is something that indicates potential bullish exhaustion. The rising (white) channel is tracking pretty well the current upward movement. 

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EURUSD Hourly chart

Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on EURUSD.


In focus today (economic calendar):

UnitedStates - ISM Non-Manufacturing PMI (May)
Canada - BoC Rate Statement



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