EURUSD, It Is A Huge BROADENING-WEDGE-CONTINUATION-FORMATION!

Hello,

Welcome to this analysis about EURUSD and the daily timeframe perspectives. If you never heard about a Broadening-Wedge-Formation I highly recommend to watch my tutorial about it to have a in-depth overview as EURUSD is forming such a formation:

Therefore, looking at my chart now we can watch there how EURUSD is in a broader downtrend with major lower lows formed in this trend, and EURUSD also setting up the further continuation formation now which is actually a massive broadening-wedge-continuation-formation as marked in my chart with the black boundaries. Within this formation, EURUSD has a coherent wave-count and the waves A to C are already completed. Now as EURUSD recently pulled back off this massive resistance-cluster which is marked in red in my chart where several resistances are coming together this is pointing to the final completion of the whole formation when EURUSD breaks below the lower boundary as seen in my chart it will be the origin for further continuation and approachment of the lower target-zone marked in black. It will be highly crucial on how EURUSD approaches this zone and if it manages to hold this zone or just sets up for further continuations because when EURUSD moves below this zone it will be the origin for a bearish extension, for now, we need to keep the bearish scenario in mind and do not underestimate it before moving to further conclusions.

In this manner, thank you for watching the analysis, all the best!
"Trading effectively is about assessing possibilities, not certainties."

Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: EURUSD pulled back within the range and the upper resistance cluster to accelerate the bear dynamics.

EURUSD since it heavily pulled back within the range continued with a major range breakout to reach all of the target zones within the schedule.