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EURUSD in extended correction after forming hourly double-bottom at 1.07 zone

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURUSD The Euro extends corrective bounce on profit-taking above 1.0709 low, where hourly double-bottom has formed. Yesterday’s bullish daily candle and close above cracked daily Ichimoku cloud base, signaled false break below daily cloud. Fresh bullish acceleration broke above initial resistance zone, shaped in hourly cloud and spanned between 1.0758/1.0827 and also took out pivotal barrier at 1.0840 zone, former hourly lower platform, reinforced by daily 30SMA. Near-term focus is shifting

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