EURUSD short-term reversal expected

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August 3, 2017
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August 3, 2017

EURUSD is trading inside an upward sloping wedge pattern (purple). At the same time it is inside a longer-term upward sloping channel (blue). There are signs that the wedge will break soon and price is then expected to move towards the lower channel boundary.

Key support levels at 1.18-17.80 for the short-term, 1.17-16.20 for the medium-term. 1.15 for the long-term. I would not be surprised to see the EURUSD move towards 1.15 now that everyone is bullish EURUSD again….all those people looking at parity at 1.04….a correction is needed in order to get more fuel and power for the next big leg up towards 1.30.

 

 

 

 

Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.