EURUSD Week Plus Bull Flag Consolidation Near Complete
EURUSD Weekly/Daily/4hr
The (EURUSD) is trying to gain for a 3rd straight day, nearly complete on the Bull Flag consolidation of the past week after forming a fresh November high. Odds are elevated for a test of 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). 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, daily and 4hr RSI, Stochastics and MACD are rallying, although the 4hr Stochastics is overbought. 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 AUDUSD, SILVER
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
