EUR USD – Reaching Apex point and could see an Upward breakthrough

• Resistance Zone: 1.056 to 1.058
• Key Resistance: 1.042
• Major Pivot Point: 1.027
• Key Support Level: 1.012
• Support Zone: 1.003 to 1.006
• 200 Day SMA – Green Line
• 50 Day SMA – Red Line
• CBOE VIX – Volatility Index @ 23.93 +1.09 (+4.77%)

Chart Analysis – The EUR/USD

The chart shows that the Euro touched parity with the US dollar in mid-July. Currently, the pair is moving up in an Ascending Triangle pattern where the prices are reaching the Apex point of the Triangle. Here buyers could take over the control and we can see a breakout to the upside, that could go and test the Resistance Zone on the chart.  Now the longer-term trend is still downward, and if we are going to see some sort of breakthrough here is to be seen in the next couple of sessions. The dollar has been falling against most of its major rivals and further decline would further support the case.  

• Resistance Zone: 1.056 to 1.058
• Key Resistance: 1.042
• Major Pivot Point: 1.027
• Key Support Level: 1.012
• Support Zone: 1.003 to 1.006
• 200 Day SMA – Green Line
• 50 Day SMA – Red Line
• CBOE VIX – Volatility Index @ 23.93 +1.09 (+4.77%)

Trade Insights – EUR/USD

The chart shows Viable Long Positions above the Major Pivot point at 1.027. Also the Apex of the Ascending Channel, with the first target of the Key Resistance Level at 1.042 and then the test of the Resistance Zone at 1.056 to 1.058.

Alternatively, Short positions if the Index drops out of the Ascending Triangle below the Major Pivot point at 1.027, with the target to head towards the Key Support Level at 1.012.