I still have a medium-term Long bias on EURUSD.
Last Sep 2019, the pair hit the low 1.0880 making Higher-Highs and Higher-Lows since.
In an uptrend till the very end of the year 2019, the pair made ascending 3 wave swings followed by a deep correction down (still in progress).
The last defense line for heavy buyers to...
Since there is a second currency in every pair then comparing your scenario to that second pair's development increases the chances of a successful outcome.
Here is what seems to be the most likely scenario of EURUSD in the next week.
A wise man once told that the currency is turning like a lazy old man in the bath.
EURUSD is approaching the support line of a rising channel.
1.1000 is the critical level to watch. If 1.0980 level is broken down then the price most probably will retrace and continue to fall down to 1.0770 which is strong support.
However, in case the price bounces off of the channel's support line it may again retrace...
Middle term EURUSD bias seems long for three reasons.
1. The last two fractals of downtrend wave on the daily timeframe have been broken.
1st fractal: 1.11100 (2019.09.13)
2nd fractal: 1.11650 (2019.08.26)
2. The price bar has closed entirely above 200 daily MA, end of December 2019.
3. The price bounce off...