EURUSD finally going down or is it bye bye USD
EURUSD has been in a massive bullish rally, but has it reached its last wave up? Fridays news spiked the price almost into the monthly level 1.19700
Reversals in price allegedly happen after sharp movements near round numbers. So:
1) 5th wave, check
2) 1.19700 round number, check
3) Important ressistance reached, check
4) Price within a monthly kind of trendline, check
We also have a roughly same sized rally up, consolidation and 5th wave sized pattern from the past, if reversal in price repeats behaviour we mith just be going back to support right above 2015 - 2016 consolidation zone
Now lets wait to see the effect on today's news and a possible DXY reversal.
Reversals in price allegedly happen after sharp movements near round numbers. So:
1) 5th wave, check
2) 1.19700 round number, check
3) Important ressistance reached, check
4) Price within a monthly kind of trendline, check
We also have a roughly same sized rally up, consolidation and 5th wave sized pattern from the past, if reversal in price repeats behaviour we mith just be going back to support right above 2015 - 2016 consolidation zone
Now lets wait to see the effect on today's news and a possible DXY reversal.
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