EUR-USD MARKET FORECAST (LONG TERM TRADE SETUP)Hello traders, it's been a while since I published an idea, well here's one....
This chart analysis depicts my current long term view on EUR-USD.
FUNDAMENTAL POINT OF VIEW
with the dollar getting weaker by the day as a result of the economic drawdown caused by the pandemic, I expect this pair to soar higher in the coming days, weeks and months. Though this might happen slowly because the European Union is also taking a hit economically by the pandemic. This has also made the EUR a bit weaker against the Us Dollar. We would see higher impact on the Us dollar because of it's notion as a reserved currency and a safe haven asset. With the economic stimulus (Money Printing) going, which gives rise to money devaluation, I believe investors will adopt a new asset class like Bitcoin and gold which I believe is already happening.
TECHNICAL POINT OF VIEW
looking at this chart from a technical point of view, we can clearly see price breaking out from a triangle with a declining resistance holding since 2008. Right now, we're having a consolidating flag above the triangle. A break out from this consolidation to the upside will mean a bullish signal taking us well over 1,000+ Pips to new highs midterm highs around 1.40000
We can only wait to see where the market takes us but there's also a 20% chance we might fall back down into the triangle and this current consolidation would be regarded as a fake out. But I'm overall bullish. I hope this short analysis helps.
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