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RamziAbouAbdallah-CMT
Jan 18, 2023 10:03 PM

EUR/USD -19/01/2023- 

Euro Fx/U.S. DollarFXCM

Description

• Daily EURO/DOLLAR chart, zooming out back to 2021, where the 1.5 year downtrend started
• Short term, trend is bullish, higher highs higher lows
• Rising wedge forming, a bearish reversal pattern
• Resistance levels becoming support levels, a clear sign of an uptrend
• However, looking at the big picture changes the outlook a little bit
• Drew Fibonacci retracement levels 50% and 61.8% of the long term downtrend
• 50% level is around 1.09 and 61.8% is around 1.1225
• Bulls are now fighting to break the 50% level, without success till now
• Last area of defense for the bears is the 61.8% critical correction level
• If 1.1225 level stays intact, the pair will resume the long term downtrend
• Only if bulls manage to break the above level, we can safely say that the long term trend reversed and we are in a bullish market
Comments
JoeChampion
Nice Pal!
RamziAbouAbdallah-CMT
@JoeChampion, Thanks man
TheCryptagon
We like your reasoning. As always, great work.
RamziAbouAbdallah-CMT
@TheCryptagon, Thanks! appreciate your comment
InvestingScope
Keep up the good work! Sharing is caring, so here is our technical analysis:
RamziAbouAbdallah-CMT
@InvestingScope, good job! negative divergence means a reverse should be expected
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