Long

Potentially one of the greatest trades of this year

Updated

I'm not following the Euro news, economy, and politics, but based on the technical analysis, currently, my chart shows that potentially EURUSD has already reached the bottom. The price is now at the broken weekly trendline and the bottom of the potential falling wedge pattern. When the falling wedge pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam.

This analysis is purely based on the technical analysis, but next week maybe EUR Monetary Policy Statement and ECB Press Conference could be the catalyst to push EUR higher to breaks the upper falling wedge line.

Invalidation:
- This analysis fails if the price breakout and close below the weekly down trendline.

Zoom out the weekly chart

Note

Note

Target 1, Done

Note

Target 2, Done

Note

BREAKING NEWS:

Euro-area inflation unexpectedly accelerates to an annual record of 5.1%

Note

💶 ECB Interest Rate Decision
Actual: 0.0%
Expected: 0%
Previous: 0.0%

Note

ecb.europa.eu/press/pr/date/2022/html/ecb.mp220203~90fbe94662.en.html

Note

🇺🇸 Initial Jobless Claims (29/JAN)
Actual: 238K
Expected: 245K
Previous: 261K

Note

Target 3, Done

Note

US Jan Consumer Prices +0.6% vs. +0.4% est.

US Jan CPI Ex-Food & Energy +0.6% vs. +0.4% est.

US Jan Consumer Prices Increase 7.5% From Year Earlier; Core CPI Up 6% Over Year

🇺🇸 Initial Jobless Claims (05/FEB)
Actual: 223K
Expected: 230K
Previous: 239K

Note

Target 3, Done

Note

Potentially will be the last best entry price to long EUR

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