Euro / U.S. DollarUpdated EURUSD - WEEKLY TF -1.0500 IN SIGHT?
According to the latest forecasts by Goldman Sachs and UBS there's a very good chance that we'll be seeing EURUSD re-testing the 1.0500 level sometime in the next few weeks. Various fundamental factors certainly point that way, so it's worth taking a look at the chart on a higher time frame to see what's really going on. As we can see we've been bouncing inside a fairly extensive range since February of this year. Inside this box, we also have an ascending trendline that's close to being tested. If we see a rejection of this trendline there will be good opportunities to go long, on the other hand if we see a break then it's a given that we'll re-test the 1.0500 level. For us there are two key points to remember: there is no point in waiting for the price to break out of the box because it might take many months before that happens; and secondly, significant market reversals tend to have double-tops or bottoms. Lastly, also worth keeping in mind is that the price could break the 1.0500 level and head towards parity.
Note
clearedgefx.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.