The EUR/USD bounced at the bottom of the triangle yesterday and even managed to slightly break above resistance (dotted red) due to the bullish impact of the FOMC statement.
The EUR/USD is probably heading towards the Fibonacci targets.
Today's price action could be centered on the FOMC statement. A bearish break would require a change in the wave count.
The EUR/USD is very choppy (WXY patterns) and remains stuck in the wedge between support (green) and resistance (red).
The EUR/USD bounced off of the support trend line (green) yesterday and sees space between the wedge lines that is narrowing.
The impulsive wave count is invalidated if price breaks below support (green liness).
The GBP/USD uptrend con
...This week's video recap analyzes the various contracting chart patterns which are dominating the major currency pairs, with the exception of the GBPUSD which is showing a rising wedge breakout.
The EUR/USD remains very corrective and stays within the boundaries of a contracting wedge, which has resistance (red) and support (green) trend lines nearby.
A bullish break would confirm the current wave count with a 4-5 (purple). Whereas a bearis
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