What do you think?
It is time for your favorite game show... BREAK or FAIL.
The EURUSD is making a break.
- It held 1.0910. That is the Brexit day low that sticks out on your daily chart
- It just held the 200 hour MA in the current bar (see green line in the chart below) . Are buyers...buying.
- It just broke back above above the old trend line. (each break has failed this week).
- We even moved above the 50% of the move down from last weeks high at 1.0944
We are breaking. Remember though, that this week we had a number of breaks and a number of fails. It is also Friday.
So your question? BREAK or FAIL?
Seriously though, the pairs move off support has been able to build and are trading at new week highs. The 1.0966 level is the 61.8% target. The broken trend line - that has failed three times so far this week - comes in at 1.0931. A move below is a FAIL.
Will the buyers keep the price above the broken trend line or fail for the 4th time. That is the battle for those trading now.
