EURUSD upward move?

EURUSD 4HR - MetaTrader Platform

The EURUSD has been trading in a range for the past couple of days after the pair traded to the upside last week to approximately 200 pips.

The pair seems to have met upon resistance as it ranged outside the ichimoku cloud on the daily chart.

Failure to achieve a strong break of the ichimoku cloud on the daily chart has signaled that market players remain cautious during their trading over the past 48 hours. Trading the pair to the upside would come from further confirmations in price movement over the next few hours.

EURUSD Pennant - 4hr

The pair has shown some upside potential for a continuation of the trend which had started last week as a triangle (chart pattern) is developing on the four hour chart. Prices shows some persistence in the upward move as there is a continuous test of the resistance of the pattern.

The triangle measures approximately 150 pips and a clear break of the pattern to the upside would project prices moving by approximately that amount.

Should a break occur, there is a 54.95% probability that the up trend would continue based on the reading from the Hurst Exponent.

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