Bearish EUR/USD 26.01.2023The EUR/USD pair has been trading in a tight range, with the bulls wanting the channel to continue but under a lot of selling pressure. The pair has been dropping since the start of the day and is currently trading around 1.09112. The market sentiment is bearish due to the mixed economic news and meetings that are scheduled today.
The market is currently struggling to find a foothold with the US Dollar recovering from its earlier weakness. The European Central Bank (ECB) held its monetary policy meeting yesterday, but the meeting failed to provide any clear guidance. The Bank of England (BoE) is also due to meet today, and the outcome of this meeting could have a significant impact on the EUR/USD pair.
The pair is currently heading towards the 1.08750 level, which is the bottom line of the rising trend channel. If the pair continues its downward trajectory, it could test the support level of 1.08750. The risk-averse market atmosphere is likely to keep the US Dollar in demand and make it difficult for the EUR/USD pair to recover.
Euro_usd
Euro expected scenario With a confidence of the Euro /Usd is more expected to go down and fast to reach the support zone but maybe should have the Exit strategy too.
0.98 is the most expected price to hit in few months but if we break the recent trend we can look for a new high then a new low after that we will look to reach 1.20 level
$EURUSD Wolfe Wave, Eyeing Point 5Hello Traders,
Looking at the EURUSD pair we have a Wolfe Wave that just completed at point 4. Looking at the 1-4 line trajectory we can see that it has acted as an anchor throuhgout the formation of this Wolfe Wave. I'm looking at 5 and potentially 5' to complete.
If we see completion at point 5 look for the 1-4 line as your exit target. If we make a lower AND hit the 5' line off of point 3 look for an exit at Geo's Off-Set rule at point 4.
-Chartistry
EUR/USD ChannelA well defined channel has taken shape here with EU now potentially bouncing off the lower boundary, which has held nicely in the past. Indicators are nice and oversold which could make for a nice impulsive move upward. The 1.145 region could be a key resistance area on the way up, but if it can clear that we could see 1.19 again