Based on chart, there is potential downside for EURUSD going forward until mid 2025 or longer as long as the weekly bearish channel hold. We may stop trading the said direction if weekly candle breaks upwards (closes) outside the bearish channel.
This is a longer time frame (TF) (1W graph) directional idea.
What y'all think? Give your comments down below?
Trendline clearly broken. Price has retraced and currently at support area. Also, there is reverse head and shoulders pattern.
Target 1.2800.
Be cautious with the plan / cut loss (your call) if daily candle close below 20 day Moving Average (MA).
Based on the pattern drafted on the graph, I expect patterns to repeat itself. If the long term resistance line (blue) is broken with 1M candle (closed above), the rally will gain further momentum. Good ratio of profit and loss.
Note that this is a long term prediction on 1M candle chart.
As the cash rate for AUD officially increased today followed by a drop in AUD pairs gives a very good opportunity to long AUD from a good price. RBA (Reserve Bank of Australia) has given statement of high inflation concerns and strong job reports and has set a hawkish tone.
BOJ is yet to lift its negative interest rate making it the weakest currency still. As...
