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EURUSD with a bullish reversal? Bitcoin aims the 5900 USD again

Tomasz Wiśniewski

Tuesday could have been a crucial day for the EURUSD. Yesterday the price broke the lower line of the descending triangle but this breakout was false and the price quickly came back above the support. In addition to that, we broke the upper line of this triangle. The only resistance left is the horizontal one on the 1.151. Price getting there, will additionally create an inverse head and shoulders pattern.

The second one is the USDCAD, where on a daily chart we do have two shooting stars in a row. Normally that should be a strong sell signal but the thing is that we are not on a horizontal resistance, which makes the sell signal weaker. In addition to that, we are on the long-term down trendline and inside of a bullish flag formation…

The third one is Bitcoin. The whole crypto market started Wednesday on the back foot but it may get even worse soon. Bitcoin is on the lower line of the flag formation. Breakout is probable and t can lead the price towards the lows on the 5900 USD.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

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