EURUSD Technical Overview and Trade Plan
Neither the FED nor ECB are expected to make any change in their monetary policies near term. EURUSD pair is likely to be traded in a narrow range for a while.
The overview of the weekly/monthly chart is strongly bearish.
The pair ended the week at 1.11560. It is above the EMA50 and SMA100 in the daily chart timeframe.
The pair is still in “sell the pullbacks” mode.
Where we can sell by bigger volumes?
- A potential breakdown of the rising wedge.
- Potential Bearish Bat pattern at 1.13600.
Near Term Levels:
As shown in the live interactive H4 Chart, the Bearish AB=CD pattern is completed at 1.12300 which is confirmed by MM 8/8. Bearish pressure remains as long as the price stays below 1.12300.
On the downside, we see two intraday supports. 1.11200 ( AB=CD H1 ) and 1.10900 ( ABCD 1.27 Ext. H1 ). These levels must be broken in order to see a bearish continuation. Break and close below 1.10500 would validate the rising wedge pattern. The structural target of the pattern is 1.08100.
If the price breaks and close above 1.12300, 1.12700 – ABCD 1.27 Ext & MM +1/8 – and 1.12910 are the next targets of the pair.
As seen on the Daily Chart, potentil Bearish Bat pattern can be used as another selling opportunity with bigger volumes.
We will update and post the trade opportunities during the week.
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