EURUSD - short term volatility
Updated
EURUSD is at an inflection point now.
It display a descending wedge pattern which is a bullish signal. That means, if the price action breaks out from the wedge, it is a buy.
However, it has also break down from the bullish trend line, which is bearish. Thus, it could heads south towards 1.123 level to form part of the retracement before we see a rebound.
To add confirmation, we can tell the DXY is now in a sideway move as well. The bigger picture is so long as it does not break out of 97 price level, EURUSD remains a buy.
Also,note that on Day chart, we are about 55 pips away from the peak at 1.143 price level.
It display a descending wedge pattern which is a bullish signal. That means, if the price action breaks out from the wedge, it is a buy.
However, it has also break down from the bullish trend line, which is bearish. Thus, it could heads south towards 1.123 level to form part of the retracement before we see a rebound.
To add confirmation, we can tell the DXY is now in a sideway move as well. The bigger picture is so long as it does not break out of 97 price level, EURUSD remains a buy.
Also,note that on Day chart, we are about 55 pips away from the peak at 1.143 price level.
Note
Praise Lord, it went nicely to the target.
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