Here we are putting the Weekly chart in EURUSD under the spotlight.
We can see that support is starting to form on the 61.8% retracement of the first impulsive wave from 2017 - 2018. There are cracks starting to appear in the stronger USD argument and here we can see a bullish "wedge" forming. From the technical perspective we can also see a double bottom forming here which would suggest the trend is turning higher.
The first test for the cross comes into play at the 55MA and a close above will add confidence to the roadmap for a break higher. Heavy resistance comes in next at 1.157.
Best of luck those starting to position for the long term here.
We can see that support is starting to form on the 61.8% retracement of the first impulsive wave from 2017 - 2018. There are cracks starting to appear in the stronger USD argument and here we can see a bullish "wedge" forming. From the technical perspective we can also see a double bottom forming here which would suggest the trend is turning higher.
The first test for the cross comes into play at the 55MA and a close above will add confidence to the roadmap for a break higher. Heavy resistance comes in next at 1.157.
Best of luck those starting to position for the long term here.
Comment:
We are going to start marking the lows here... major updates coming after this week.
