The candlestick setup on EUR/USD’s daily chart favors an extension of the recovery rally from recent lows near 1.0926. The pair could challenge resistance at 1.1107 in the run-up to Thursday’s ECB event. EUR/USD is currently trading at 1.1043, down 25 pips from the high of 1.1068 reached on Monday. The candlestick arrangement on the daily chart indicates the risks are skewed to the upside. Notably, the pair created a bullish outside day candle on Monday, which occurs when the day begins with pessimism, but ends on an optimistic note, engulfing the price action seen in the preceding period. More importantly. Monday’s bullish outside day marks an upside break of the consolidation or indecision represented by Friday’s inside day candle. Put simply, the path of least resistance is to the high side and the pair could rise to 1.1107 (May 23 low) ahead of Thursday’s European Central Bank rate decision. The bullish case would weaken if the pair drops below 1.1015 (Monday’s low). Daily chart Trend: Bullish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY nudges higher as Trump confirms trade talks start next week FX Street 4 years The candlestick setup on EUR/USD's daily chart favors an extension of the recovery rally from recent lows near 1.0926. The pair could challenge resistance at 1.1107 in the run-up to Thursday's ECB event. EUR/USD is currently trading at 1.1043, down 25 pips from the high of 1.1068 reached on Monday. The candlestick arrangement on the daily chart indicates the risks are skewed to the upside. Notably, the pair created a bullish outside day candle on Monday, which occurs when the day begins with pessimism, but ends on an optimistic note, engulfing the price action seen in the preceding period. More… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
