EURUSD, Massive Sell-Off Incoming!

Hello there TradingView Community!

Let´s jump right into the EURUSD situation on the 3-day chart right now. After the massive sell-off from 1.23 to 0.96 the Euro against the U.S.-Dollar has seen from Jan 21 till Sep 22 a loose recovery has shown up with the Euro approaching megerly higher. This recovery fundamentally is not yet backed by strong economic upwind as recession warnings within the Euroregion spread and inflation is not yet fully recovered to healthy levels with further rate hikes awaited.

Technically the condition looks equally like an main pullback from the current loose uptrend is to emerge as when looking at my chart the Euro against the U.S.-Dollar is now trading in this primary ascending triangle, in this triangle EURUSD is forming a wave-count, and this wave-count is about to approach huge levels of resistance as marked within my chart. Once the wave-count finalizes within the main resistance-cluster a pullback below the lower boundary is likely to push the EURUSD towards lower levels.

Thank you everybody for watching. If you liked my idea feel free to support and let us move forward together.

VP

Comment:

ANALYSIS UPDATE: EURUSD pulled back, off the Resistance-Cluster in the schedule.

Comment:

ANALYSIS UPDATE: As expected, EURUSD completed the Ascending-Wedge in the schedule.

Targets active.

Comment:

MACRO UPDATE: Inflationary pressures in Eurozone remain present.

Hawkish ECB policies with historical high interest rates weaken EURO to further downside. Bearish sentiment continuation indicated.

Comment:

ANALYSIS UPDATE: EURUSD completed the whole bearish ascending wedge formation with a major pullback off the upper resistance cluster to finalize the formation with a breakout below the lower boundary.

EURUSD since completing the whole ascending wedge formation accelerated further bearish price-action and has set up wave 3 within the whole bearish wave-count.