Hello
I think the euro has reached the oversold point and the possibility of an upward trend is very high. In fact, the dollar is overbought and needs a correction or change in trend. I can find a butterfly pattern in this area in daily time which indicates a possible reversal here. I was expecting a rise last week when the inflation index was released and ended all my analysis.
In terms of technical analysis in the price area of 1.07980, the price has reacted several times in this area. Also, the first potential pivot marked by the green circle is easily broken.
I think the euro has reached the oversold point and the possibility of an upward trend is very high. In fact, the dollar is overbought and needs a correction or change in trend. I can find a butterfly pattern in this area in daily time which indicates a possible reversal here. I was expecting a rise last week when the inflation index was released and ended all my analysis.
In terms of technical analysis in the price area of 1.07980, the price has reacted several times in this area. Also, the first potential pivot marked by the green circle is easily broken.
Trade closed: target reached:
Finally, the price was able to reach the target within 18 days. The structure of the market was severely eroded and within 18 days 70.7% of the previous wave was corrected. Of course, it is expected to rise more. In my opinion, this analysis was not profitable in terms of time.