the daily chartist

EUR/USD subdued by the Bears

published 2 years ago

 The pair has played out very well the Bearish wedge I've been talking about in my previous posts and it has reached indeed the 1.15282 level and target, so congratulations to the ones who sold on time and took the profits. The Euro has beautifully landed on the level, charting good looking red, clear candles on the daily chart without any resistance or major attempts from the Bulls to push up. They just watched as the Bears sold with great determination the Euro. Today, we are seeing some take profits on the table as the daily candle is making an attempt to turn into a Bullish engulfing one and Stochastic and CCI are starting to reverse again for a new buy signal. Currently, 1.15926 is acting as resistance for the Bulls to push up and it will important for them to clear this level out if they want a move up again towards 1.16. I have charted the two possible outcomes for the pair in the short - term. I recommend a wait and see strategy to be sure that the 1.15926 level will hold for new shorts if you are on the Bearish side. If overall dollar strength remains we will see the pair failing to do so and slipping back towards 1.15282.