The EURUSD has pushed into its bullish channel between the upper blue and red bands. The red Bollinger bands are moving away from each other. This denoted volatility. The longer the EURUSD trades in this channel, the greater the potential for further price appreciation.
The hourly chart is bullish. EURUSD's EMAs have crossed up (black ellipse), as has its momentum based stochastic (aqua ellipse). A movement by stochastic to the 80+ area (blue arrow) will denote an underlying positive momentum. Holding in this area will suggest that the shorter-term traders are aligning with the daily bullish participants.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.