If you are tracking the EURUSD this week, consider this technical perspective from a medium-term swing trader. EURUSD price action on the daily time frame is bearish but presently in consolidation within a falling wedge (blue). Meanwhile, on Thursday and Friday, price action printed two bearish candlesticks from the wedge resistance trendline. A bearish breakdown of the wedge support trendline would result in a southward directional impulse initially targeting the next horizontal support at the 1.17050 area (green). However, any bearish misstep would incentivize bulls for, perhaps, a retest of the wedge resistance trendline or a market engineering for liquidity grab above it before any southward turnaround.
I may be wrong. Trade safe and prosper. Please trade based on your own trading rules and analysis.
KP
I may be wrong. Trade safe and prosper. Please trade based on your own trading rules and analysis.
KP
Do your homework, follow the footprints of smart money
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