EUR/USD Breakout: Real Deal or Bull Trap?

By Forex Analytix (Blake Morrow )ForexApr 22, 2025 07:16

ng.investing.com/analysis/eurusd-breakout-real-deal-or-bull-trap-208735

EUR/USD Breakout: Real Deal or Bull Trap?

By Forex Analytix (Blake Morrow ) | Apr 22, 2025 07:16

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The EUR/USD broke out over the weekend and, for Easter Monday, hit a new trend high. However, this move today was not as convincing as previous moves. Let me explain.

The move higher out of the bullish consolidation over the last two weeks led to a new trend high and a move beyond the 127% extension. This was not accompanied by a new high in RSI, or “relative strength.” Technically, this is a concern.

EUR/USD-Daily Chart

At this point, the move doesn’t look too exhausted, but the RSI's lack of upside is a risk for bulls. Should the EUR/USD make it to the 161% Fibonacci extension at 1.1873, that could be the last leg higher of the rally in the very near term.

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EUR/USD Breakout: Real Deal or Bull Trap?

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