Waiting for the Stronger EUR. SP500 Tries a Reversal

EURJPY is very close to ending the mid-term flag, which is a trend continuation pattern of the main long-term uptrend. Along with the upper line of this formation, for the buy signal, the price has to also break the horizontal resistance on the 129.4. Chances for that are pretty high.

EURGBP broke the horizontal resistance on the 0.883 and later, defended that as a support. The sentiment is positive as long as we stay above the grey area. Breakout of the green dynamic resistance should give us a proper buy signal.

SP500 created an inverse head and shoulders pattern on the lower line of the flag/ channel up formation. Breakout of the horizontal neckline (green area), should give us a nice buy signal.

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