Weekly Forex Overview: USD Bull Impulse
Video recap of the major currency pairs where the EURUSD bearish momentum is reviewed, the GBPUSD and AUDUSD triangle chart patterns, and the USDJPY resistance of the consolidation zone.
Video recap of the major currency pairs where the EURUSD bearish momentum is reviewed, the GBPUSD and AUDUSD triangle chart patterns, and the USDJPY resistance of the consolidation zone.
The EUR/USD has broken below the various support levels of the 4 hour chart which indicates the start of a wave 3 or wave C (green). Whether price is in a wave 3 or C will depend on how far price can drop, which will be impacted by the FOMC statement this
...Yesterday's news events connected to the Euro sparked the start of the wave 3 (dark red). Price broke below the various support levels (green) in a very impulsive fashion, which resembles the typical price action of a wave 3 of wave 3 (green/dark red).
The EUR/USD had calm price action yesterday which stayed in between the support (green) and resistance (red) levels. Today's interest rate decision plus press conference could the catalyst for price to break above or below the contracting triangle.
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The EUR/USD broke the resistance (dotted red) and has moved up towards the 38.2% Fibonacci level of wave 2 (orange). Typically waves 2 tend to see deep retracements on average, which could see price move towards the 61.8% or 78.6% Fibs. A break of support
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