The EURUSD pair have been trading higher again this morning following the lead from the GBPUSD in breaking to the upside. While this points to a bullish outlook for the pair, there are signs that we could see a pullback in todays session.
The four hour chart below shows that the pair has recent engaged with the green ascending trend-line which represents a previous key area of support and recent resistance. The previous occasions that this trend-line has been challenged has typically led to a reversal of sorts in the short term and this seems possible again today. The stochastic oscillator is overbought and turning back to the downside, whilst the CCI indicator is attempting to break back below 100 in a bearish move. Should we see a pullback the initial level of support would come at 1.357 and the 200 period SMA.
About Joshua Mahony
Joshua Mahony is Research Analyst at Alpari UK. Having joined in 2012, Josh’s previous experience in the industry includes time spent on the trading floor at Barclays Capital and working for Deutsche Bank in New York for a year. Originally coming from an economics background, Josh then traded equities in the wake of the 2007/2008 financial crisis. He is now turning that experience towards the forex markets. Josh writes market commentary that has featured on websites and publications including the Financial Times, Reuters, the Guardian, ABC News, CityAM, the Washington Post and the Miami Herald.
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