Forex Trading Library

EURUSD – Moving lower in the wedge. Limited selling

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Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2320. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. The move lower is mixed and volatile common in corrective formations.

Weekly: The break to the downside has reached the 61.8% pullback level (from 1.0340 – 1.25556). A common corrective support.

Daily: Mixed and volatile trading for the last 144 days has formed an Ending Wedge patter. AB=CD formation support is located at 1.1160 with the trend of lower lows (wedge base) at 1.1100. There is scope for further selling but we now look for the medium-term focus to turn bullish. A break of 1.1436 and the measured move target is 1.1815 making this a solid risk/reward set up

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