EURUSD daily - price will likely continue to drop
EURUSD had several months pump and now it's come to the end. From Nov 2022 it starts to form a rising wedge pattern which is very bearish when breaks. Breaks were made on Friday just as it was predicted in the last analysis. The break was on massive volume and on massive candle just as it should be which is very bearish.
It is below 20 days MA which is bearish, but above 50, and BigRed which is bullish.
RSI finally moved out from bearish divergences and is now more in a neutral area.
MACD is moving into the bearish territory after several weeks of bearish divergences.
Overall: EURUSD is likely to finish its strong leg up. After breaking out of the rising wedge there is a small chance for the continuation of the price moving up right away. Therefore there is a big chance for EURUSD to fall toward BigRed where it could find some resistance.
After huge Nonfarm payroll results and another major date this week, and next week several FED members will talk about the economy and chair Powell too, there is a big chance for EURUSD to drop even harder.
It is below 20 days MA which is bearish, but above 50, and BigRed which is bullish.
RSI finally moved out from bearish divergences and is now more in a neutral area.
MACD is moving into the bearish territory after several weeks of bearish divergences.
Overall: EURUSD is likely to finish its strong leg up. After breaking out of the rising wedge there is a small chance for the continuation of the price moving up right away. Therefore there is a big chance for EURUSD to fall toward BigRed where it could find some resistance.
After huge Nonfarm payroll results and another major date this week, and next week several FED members will talk about the economy and chair Powell too, there is a big chance for EURUSD to drop even harder.
Consistency is the key of success....
