quantguy
Short

Bearish Wedge on EURUSD

FX:EURUSD   Euro Fx/U.S. Dollar
The markets appear to be pricing in QE and the impending rate hike from the Federal Reserve . The attached article explores this a bit. We have seen a massive depreciation in the Euro             , and this will undoubtedly continue until 'liftoff' December 16th.

In particular, we see a brief retracement amidst an overall bearish trend . The bearish wedge formation indicates that this may be a great time to enter a short trade. Massive resistance from the ichimoku cloud will be hard for EURUSD             to punch through, which may be why the OBV is showing a small amount of buying pressure but the price is still ranging. The MACD looks like its getting ready for a crossover, and the overall MACD/RSI combination supports the assertion that now is an opportune time to enter a short position.
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