EUR/USD - Possible descending wedge breakout on Brexit news..
- Recent Brexit developments are looking very bad for the UK with PM May holding onto her job by a whisker
- If brexit developments were to collapse, this could help this pair breakout to the upside
- HOWEVER recent USD strength could come into play too forcing the pair lower
- The fact EUR/USD is within a descending wedge (inherently bullish pattern) gives the bullish scenario more credence in my opinion
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- If brexit developments were to collapse, this could help this pair breakout to the upside
- HOWEVER recent USD strength could come into play too forcing the pair lower
- The fact EUR/USD is within a descending wedge (inherently bullish pattern) gives the bullish scenario more credence in my opinion
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
Comment:
As I uploaded this idea, news has come through that Cabinet may have agreed to the deal. BE CAUTIOUS
Comment:
- Aaaaand, ministers are jumping ship. Work and pensions + Brexit minister have both quit this morning.
Comment:
- Price has successfully broken the upper descending trend-line of the pattern
- Look for a possible retest of the trend-line before establishing a long position
- Look for a possible retest of the trend-line before establishing a long position