Is it not better to use a monthly time frame rather than a weekly time frame to make such a long-term projection? Besides you have other resistance areas for bulls to contend with.
Over the weekend I hinted at a large wedge pattern on EURUSD. I figured I’d wait for the new year to comment on it further. However, I’m not so sure the market is going to wait. Now, I want to start by saying that the trend is still bearish. That will continue to be the case until buyers can clear the 1.1450/70 resistance area on a daily closing basis. I mentioned this horizontal zone last week. But what I didn’t show is the long-term trend line that intersects with this level. Under most circumstances, 1.1450/70 would be an area to sell from. However, a view of the 2018 price action hints at a very different ... (full story)