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Bullish and Bearish setup on the EUR!

Tomasz Wiśniewski

EURCHF breaks the short-term neckline of the small H&S formation, together with the lower line of the mid-term wedge pattern. Those two factors are negative for this pair. In addition to that, EURCHF is bouncing from the long-term horizontal resistance. As long as we stay below the orange area, the sell signal is on.

On the other hand, on the EURAUD, we do have a buy signal. The price is surging and most recently, broke the ultimate horizontal resistance. This week, started with a positive test of this resistance as a closest support. Currently, the price is on the highest levels since the beginning of May, with a legitimate buy signal.

The last one is the NZDUSD, which is very close to creating a nice buy signal. All we need for that is the price climbing 30 pips higher and closing a day above the 0.673. On the other hand, a breakout of the blue dynamic support will be a sell signal. For this, we still need a bit of patience!

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire