Hello traders,
Tracking the EURUSD for a potential pull back from the ascending wedge before the next leg higher.
EUR has switched to a bullish bias due to stimulus packages coming in the EU.
Parties in German Chancellor Angela Merkel’s coalition wrestled over final details of a huge stimulus package to aid recovery from the COVID-19 pandemic. However, the German government coalition ended stimulus on Tuesday without a deal being reached but will continue Wednesday 3 June (today).
An initial no-deal tonight may result in some downside on the EUR in the short term before another leg higher.
I am waiting for a break of the Ascending wedge formation to enter a short position with a SL above the swing high.
Once we have seen a corrective structure lower I will be switching to a LONG position waiting for a break above the iii wave to complete wave 3.
Any thoughts or comments please let me know,
Tracking the EURUSD for a potential pull back from the ascending wedge before the next leg higher.
EUR has switched to a bullish bias due to stimulus packages coming in the EU.
Parties in German Chancellor Angela Merkel’s coalition wrestled over final details of a huge stimulus package to aid recovery from the COVID-19 pandemic. However, the German government coalition ended stimulus on Tuesday without a deal being reached but will continue Wednesday 3 June (today).
An initial no-deal tonight may result in some downside on the EUR in the short term before another leg higher.
I am waiting for a break of the Ascending wedge formation to enter a short position with a SL above the swing high.
Once we have seen a corrective structure lower I will be switching to a LONG position waiting for a break above the iii wave to complete wave 3.
Any thoughts or comments please let me know,