After the drop from the 2nd to the 16th February, when the pair fell from 1.0679 to 1.0498, EUR/USD began again a continuous correction to the upside. Obviously, the pattern it is forming isn’t finished for the moment.
My supposition is based on the fact that the pair has reached the trend lines just three times. As we know, in order for a pattern to be finished and to figure out the limit of that pattern there should be at least four such occasions.
We could suppose that the movement within the channel will lead to another test of the resistance trend line, which means a move to the upside toward 1.0650 – 1.0670.
In the alternate scenario there will be a breakout below the support trend line and another drop, with the first target to the downside being at 1.0550, followed by 1.0500, 1.0450.
I'll watch those levels, thank you.
ReplyDeleteGreat assessment, will keep it in mind!
ReplyDeleteThe uptrend seems to be losing strength.
ReplyDeleteGood insight.
ReplyDeleteGood post!
ReplyDeleteInformative review on current market conditions.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteThe pair has been unable to extend above 1.063 level, further gain not yet confirmed.
ReplyDelete