Hello traders,
this is a possible wave count on the EURUSD, providing a bearish scenario.
US bond yields are rising rapidly providing strength into the USD. the DXY is currently trading under a key trend line resistance (see the comment section below).
FED Chair Jerome Powell has attempted to calm inflation fears this week during his testimony, however the market appears to be ignoring his comments.
Initially, we thought wave 5 had not completed, however, if there is a break back below the neckline of the inverted head and shoulders formation, then we can assume a top is in place and we are set for a deeper correction.
If anyone has any other wave counts please share below in the comment section!
this is a possible wave count on the EURUSD, providing a bearish scenario.
US bond yields are rising rapidly providing strength into the USD. the DXY is currently trading under a key trend line resistance (see the comment section below).
FED Chair Jerome Powell has attempted to calm inflation fears this week during his testimony, however the market appears to be ignoring his comments.
Initially, we thought wave 5 had not completed, however, if there is a break back below the neckline of the inverted head and shoulders formation, then we can assume a top is in place and we are set for a deeper correction.
If anyone has any other wave counts please share below in the comment section!
Trade active:
The EURUSD is coming into the 1.618% FIB extension around the 1.1720 support.
Over the past couple of weeks, the key theme the market has been concentrating on has been rising interest rates on US Treasuries resulting in a risk-off sentiment.
The question now is are we approaching a bottom on the corrective structure, or has the USD got more legs to the upside.
Please let us know your opinion below!
Over the past couple of weeks, the key theme the market has been concentrating on has been rising interest rates on US Treasuries resulting in a risk-off sentiment.
The question now is are we approaching a bottom on the corrective structure, or has the USD got more legs to the upside.
Please let us know your opinion below!
