EURUSD; Still Looking For Upside

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With the moves in the precious metals (see here) and some moves in USD crosses, it's worth taking a look at EURUSD.

The weekly chart, for me shows clearly a two and a half year basing pattern that broke out mid 2017 and has successfully been retested twice. The August retest produced a morning star reversal and also a failed breakdown from declining support (blue line). As long as this upper boundary holds, I think the risk remain to the upside.

Zooming in to the daily shows bullish RSI divergence and a clear break of the downtrend off the April high. There is also the potential for an inverse head and shoulders, a development worth watching. Any break of this neckline would be the signal to trade on the upside. A move below the August, 1.30 low would negate any bullish outlook.

EURUSD; Still Looking For Upside | Ecency