EUR/USD: Our Expectations: Possible breakaway of a diagonal resistance. Good levels for long positions: close to a resistance after the breakaway with a close SL: 1.0943. We wait for a better price around 1.1015.
Alternative scenario: If the price goes below 1.0943 and maintains positions, it will give us a signal for new short.
Commentary: Breakaway of a diagonal resistance.
Price Action: "3 white soldiers" - bullish formation
Indicators in positive formation: CCI(50) above 100
Fundamental: The chances for another rate hike by Fed this June are getting lower, due to the lower-than anticipated economic data in the US. This, and ECB's expectations for lowering the QE program changes the outlook to a stronger EUR.
Stefan D. Angelov - Head of Stocks Trading
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