• EUR/USD rallied this week following news circulating of a potential peace agreement between Russia and Ukraine.
• Bulls were not able to surpass and close above the 1.1180 resistance which was support level back in November (highlighted with a red circle).
• The pair lost more than 100 pips after that in a single day.
• Outlook/trend is still bearish and intact, given the long term negative effects of the war on the European economy.
• Also, we can spot a bear flag pattern here and bears are about to break it.
• A successful breakout of this flag will drag the pair back to the YTD lows and maybe even lower in the coming weeks.
• Personally, I am still bearish on this pair and selling every uptick.
• Remember, always trade on the bigger picture and stick to the fundamentals.
Good luck
• Bulls were not able to surpass and close above the 1.1180 resistance which was support level back in November (highlighted with a red circle).
• The pair lost more than 100 pips after that in a single day.
• Outlook/trend is still bearish and intact, given the long term negative effects of the war on the European economy.
• Also, we can spot a bear flag pattern here and bears are about to break it.
• A successful breakout of this flag will drag the pair back to the YTD lows and maybe even lower in the coming weeks.
• Personally, I am still bearish on this pair and selling every uptick.
• Remember, always trade on the bigger picture and stick to the fundamentals.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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♦️ t.me/accu_trading