The Brexit is approaching and the wedge breakout in EUR/USD is also approaching.
Today there is an update on the weekly chart of the EUR/USD. The wedge formation in the EUR/USD is becoming more and more interesting in line with the in pending Brexit.
Information:
The EUR/USD remains in its (weekly) wedge. As we have shown in recent analyses of the EUR/USD, this wedge determines the market. The low of 01.10.2019 is currently the zenith reached, which gives the EUR/USD enough support to rise again.This LOW currently defines the support of the young bull uptrend.
Short target:
The short target we have already announced could be postponed or even revised (1.08780) if we were to sustainably exceed 1.1275.
Strategy:
Due to the fact that the wedge continues to tap and the divergence in the chart has not yet been resolved, a breakout in the long direction must be expected. The first small impulse since the LOW is in progress and robbt itself to the upper edge of the wedge. If the breakout succeeds, a strong impulse is to be expected. Thus, the first target would be the 1.12080, if the bulls then still have enough strength, the next target is the 1.1275.
What do you guys think about the EURUSD?
Today there is an update on the weekly chart of the EUR/USD. The wedge formation in the EUR/USD is becoming more and more interesting in line with the in pending Brexit.
Information:
The EUR/USD remains in its (weekly) wedge. As we have shown in recent analyses of the EUR/USD, this wedge determines the market. The low of 01.10.2019 is currently the zenith reached, which gives the EUR/USD enough support to rise again.This LOW currently defines the support of the young bull uptrend.
Short target:
The short target we have already announced could be postponed or even revised (1.08780) if we were to sustainably exceed 1.1275.
Strategy:
Due to the fact that the wedge continues to tap and the divergence in the chart has not yet been resolved, a breakout in the long direction must be expected. The first small impulse since the LOW is in progress and robbt itself to the upper edge of the wedge. If the breakout succeeds, a strong impulse is to be expected. Thus, the first target would be the 1.12080, if the bulls then still have enough strength, the next target is the 1.1275.
What do you guys think about the EURUSD?