Blake Morrow’s EDGE Chart of The Day – EURUSD
Blake Morrow’s EDGE Chart of The Day – EURUSD
Trust This Breakout?
The EURUSD broke out over the weekend and for Easter Monday hit a new trend high. However, this move today was not as convincing as previous moves. Let me explain.
The move higher out of the bullish consolidation the last two weeks let to a new trend high, and a move beyond the 127% extension. This was not accompanied by a new high in RSI, or “relative strength.” Technically, this is a concern.
At this point the move doesn’t look too exhausted, But the RSI lack of upside is a risk for bulls. Should the EURUSD make it to the 161% Fibonacci extension at 1.1873, that could be the last leg higher of the rally in the very near term.
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