Blake Morrow’s EDGE Chart of The Day – EURUSD
Blake Morrow’s EDGE Chart of The Day – EURUSD
Tame Your Enthusiasm
The EURUSD is poised to hit new highs as we are very close (today) to challenging the longer term 127% extension (Sept 2024 high to 2025 lows) once again and new highs of the year at 1.1572. However, above there the market may be targeting the 161% golden Fibonacci levels at 1.1873. Before we hit there, a major pivot must be noted.
Going back to the lows in 2005 the EURUSD had a low near 1.1650. But even in 2014, 2015, 2017, 2020 and 2021 the EURUSD really struggled at this level in the past. Depending on the reason why the EURUSD breaks higher, we could find some resistance (and two way price action) near 1.1650, so be sure to tame your enthusiasm on any breakout to new highs in the EURUSD.
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