Are we going to see a reversal in EURUSD if the price drops furt

FX_IDC:EURUSD   Euro / U.S. Dollar
71 0
Since the beginning of the year EUR has been steadily increasing in value against the USD and is now testing the heights of the range which has been in place since the start of March 2015. Since February, we have seen multiple waves form during this upward trend as well as much smaller waves form recently over the past month.
Both of these Wolfe Waves have now hit the 5 point and we have seen a sharp reversal back to the 1.36 level. If this reversal continues and the price trades back within the wedge , and closes, we could see a further depreciation back to the recent lows in the current trading range.
Many technical traders will be wary at this level due to the recent weakness in USD. The pattern will only be completed once the prices trades within the wedge so early traders could be punished as the price could break through the top of the range and continue higher over the second part of the year.
Due to the weakness of USD, traders looking to take this trade will want to place the stop loss close to the outer wedge or above the last wave.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out