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EURUSD Technical Overview and Trade Plan

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?

  1. A potential breakdown of the rising wedge.
  2. 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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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses, and costs associated with investing, including total loss of principal, are your responsibility


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