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Euro vs dollar bullish on the 30min MT4 chart

MT4 chart for the euro dollar 30 minute

MT4 30 minute chart – EUR/USD

Following the strong move higher on Friday for the euro dollar pair, which saw it close the session and the week at 1.28099, yesterday’s trading session was relatively muted as the pair paused, closing lower on the day and pulling back to the 1.2753 region on the MT4 30 minute chart. In this morning’s trading session, the expected bullish momentum has returned once again, with the pair moving higher and breaching the psychological 1.2800 area once more. The hourly Fatman indicator is giving clear signals of this bullish momentum, with the green line ( the euro ) rising sharply from the over sold region at the bottom of the chart. At the same time, the US dollar, the cyan line on the chart, is falling, as the USD is sold off in the London session.

Moving to the 30 minute chart, we can see that the move higher has been supported by rising and strong buying volume, and coupled with the bright green heatmap, this move now looks set to continue for this morning’s forex trading session. The longer term outlook for the euro vs dollar remains firmly bullish, despite all the continuing problems in Europe, and even though Mario Draghi’s recent plan has been greeted with some skepticism, the outlook for the euro remains positive, and we can expect to see the 1.3000 level breached in the next few weeks, as the US dollar weakens as a further round of quantitative easing is implemented by the Federal Reserve.

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