EURUSD:- A change in slope is visible

EURUSD:- A change in slope is visible

Ankit Nagpal
15 Jul 2019 06:49 PM
Analysing on the daily chart is signalling that the earlier convergence of downward sloping price action has changed its direction from downward to upward. Starting from the mid of Aug 2018 the pair EURUSD has entered in a converged range, in which the peaks of EURUSD were getting lower and troughs were inching higher - formed a kind of falling wedge. The range has finally gave an upside breakout on 03rd June 2019, with a strong bull candle with no lower shadow but with a minor upper shadow. The breakout has helped EURUSD to shift its slope from downward to upward and the formation of prices making higher highs with higher lows has came in action. The trend-line support of upward sloping channel is coming approximately at 1.12 mark while the resistance of the same is at around 1.15 mark. The pair is likely to trade in that 300 pips(1.12 to 1.15) range in the coming future

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