Today’s Forex Signal July 15th
EURUSD – 1st Time in a Year
For the first time since late last year, the EURUSD has broken above the daily Kumo and it did so with style closing up super strong and towards the highs of the day. Now that it has broken above, what is next for the pair?
Generally there are two scenarios that play out with flat top Kumo Breaks;
1) the pair goes on for a huge runner and never comes back
2) the pair retraces back to the flat top
If the 2nd scenario happens and the pair uses it as support, we suspect the next upside target is 1.2975 which is the 61.8% fib of the 1.3675 – 1.1875 downmove. A daily close above this obviously tests 1.3000 but then has room up to 1.3150 and beyond.
The trend has changed for the pair for sure so short and medium term plays have to be looking north. Once a daily close above the 61.8% fib happens, then we have to look at the fib pullbacks from the high of 2009 to the low of 2010 for levels to watch.
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