EUR/USD: Bulls Set New Mid-Term High
Admirals | Jun 04, 2013 08:45AM ET
After defending the long-term neckline (red), bulls continued their upswing, showing that bears on this pair have lost momentum and are not able to continue the downswing. At the end of the European session, buyers managed to set new mid-term highs and EUR/USD is on the highest levels since the 10th of May.
In the longer term, the price stays in a side trend, restricted from the top by the right shoulder of the H&S formation. From the bottom the horizontal movement is supported by the lows from the end of March and beginning of April.
Currently we have to give more chances to bulls. First of all, sellers did not manage to break the neckline which could lead to a counter movement. Secondly, the American dollar is losing in value in almost all pairs, showing that this tendency seems quite strong.
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