EUR/USD - A golden cross pattern suggests more upside to come
Date: 23rd May,2017 by Timothy Straiton
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Current level on May 23rd , 2017 is 1.1249, trading above the monthly pivot level of 1.0804. A golden cross pattern has been formed today. This pattern is a bullish breakout and is formed when the 50 day moving average crosses above the 200 day moving average. The current rate is 3.75% above the 200 day moving average, which is by no means over extended, although the 14 day relative strength index is now at 73% and could bring about a short-term recoil to the downside. Our medium-term upside target is 1.1734, which marks the Fibonacci 38.2 percent retracement from the low of 1.0339 made in January 2017 , measured from the high of 1.3992 made in May 2014.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.