[05 July 2024]
Today, Friday 05 July 2024, StockCharts365.com has taken a closer look at EUR/USD, which could face a sharp rise in the next 3-6 months.
Here it is well worth following closely, and there will be very important technical signals about the further development going forward for EUR/USD within a short time now.
Technical Analysis of EUR/USD
Technical Analysis of EUR/USD:
EUR/USD can now give a strong buy signal, and quickly rise to around 1.23 - 1.26.
There is now a very interesting technical picture for EUR/USD, which indicates that EUR/USD may face a strong upswing in the short and medium term.
A large symmetrical triangle formation has been established for EUR/USD (cf. chart) and the overall technical picture now signals a break from this large consolidation formation within a short time.
In the event of a breakout from such large consolidation formations, according to technical analysis theory, the next upswing is expected to be around the same size as the previous upswing before the consolidation formation.
This is marked in the chart here with the red dashed lines.
This is therefore only an indication of what can be expected from price movement after breaking up from such large consolidation formations as we are now seeing here for EUR/USD.
The technical picture for EUR/USD thus indicates that EUR/USD can rise to between 1.23 - 1.26, and preferably within the next six months.
So here it is absolutely worth watching closely, and whether EUR/USD now either breaks up from this large consolidation formation (as the overall technical picture indicates will likely happen), or whether there will eventually be a break down and below the now important technical support level around 1.05.
New and important technical signals for EUR/USD are therefore expected to arrive in the very near future here.
NB! Remember to have read and understood the disclaimer.
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