Further to our previous article, the EURUSD continues to trade strongly. It is in the bullish area between the upper blue and red bands on the daily timeframe.
The hourly chart on the right has developed bullishly. In addition, its trend following EMAs have crossed bullishly, as has the momentum-based stochastic (black ellipses). If the stochastic makes its way to the 80+ region and holds, bullish momentum will be underlying. This, in turn, will seemingly align the short-term traders with the daily positions.
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.