EUR/USD: trend still up

The EUR/USD pair is meandering without much direction at the moment. The deadening volume may be put down to a substantial portion of the market standing aside in anticipation of Jackson Hole. Nevertheless, the pair is still in an upward short-term trend, albeit within a larger downward longer-term trend, and it will probably continue since there are no signs of reversal. The next upside target would be at the upper channel line at 1.2635 but ultimately I see the major multi-month trend-line at 1.2685 within reach, and providing a natural endpoint for the move.

Written by Forex4you