EURUSD 2 Week Plus Bull Flag Consolidation Near Complete
The (EURUSD) appears to be gearing up to complete the 2 week plus Bull Flag consolidation and retest the psychologically key 1.05 whole figure level before the weekend. With the EURUSD comfortably above downchannel resistance (on the weekly chart), the EURUSD has halted a slide since June 2021, which itself is a part of a major downtrend from 2008 (as can be seen remains intact on tradingview.com). A bullish catalyst may occur with any of today’s 830am EST US core PCE price index and 10am EST ISM manufacturing PMI data and Friday following the US Non-Farm Payrolls (NFP), earnings and unemployment data. The escalation in the Ukraine-Russia conflict deserves close monitoring. Congratulations to paying subscribers who benefited from the Oct 25, 2022 analysis suggesting early signs of a major bottom forming. The weekly RSI, Stochastics and MACD are rallying. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on GBPUSD, SILVER
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