EUR/USD -5/3/2023-
• EUR/USD short term trend is neutral to bearish
• Long term trend bullish and intact as long as we are still above 200 MA
• Following strong rally, sellers broke the ascending trend line and are now trading inside a descending parallel channel
• Descending channel looks like a flag, a continuation pattern
• Meaning, most probably buyers will break above it and resume the up trend
• The pair is in correction mode, the drop stalled at the 38.2%
• Next resistance: R1: 1.0730
R2: 1.1030
• Long term trend bullish and intact as long as we are still above 200 MA
• Following strong rally, sellers broke the ascending trend line and are now trading inside a descending parallel channel
• Descending channel looks like a flag, a continuation pattern
• Meaning, most probably buyers will break above it and resume the up trend
• The pair is in correction mode, the drop stalled at the 38.2%
• Next resistance: R1: 1.0730
R2: 1.1030
Ramzi Abou Abdallah, CFTe, CMT
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