EURUSD – Daily Forex Technicals by ForexHound.com July 15th

EURUSD, along with the other majors, is trading once again at record levels touching 1.6 and only 20 pips away from April 4th high. The daily chart shows a pattern closely related to an expanded wedge, an exhaustion pattern, but we have to be extremely carefull because the US dollar has not showed us any real signs of strength not to mention a potential long term reversal. EURUSD, along with the other majors, is trading once again at record levels touching 1.6 and only 20 pips away from April 4th high. The daily chart shows a pattern closely related to an expanded wedge, an exhaustion pattern, but we have to be extremely carefull because the US dollar has not showed us any real signs of strength not to mentiona potential long term reversal. The current YTD high should provide strong resistance but a consistent break above 1.6 is going to diminish the chances of a retracement.

[NP][/NP]