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EURUSD Weekly Chart Ascending Wedge Near Complete Ahead of ECB
The EURUSD is edging higher after the post-FOMC surge, but will likely see healthy profittaking by the weekend back to below the psychologically key 1.10 whole figure level. The EURUSD’s massive rally since making its major bottom in September 2022 is due for a notable pullback going into next week with the weekly chart ascending wedge near complete. Odds are rising and elevated for a test by next week sometime of upchannel support (on the 4hr chart). Meanwhile, the EURUSD appears to still have momentum on its swing towards a downchannel resistance that began 2008 (as can be seen more easily on a monthly chart. Watch for consolidation to kick in as early as today 815am EST after the ECB’s main refinancing rate and monetary policy statement, and at 845am EST following the ECB press conference. More volatility will follow Friday’s highly anticipated US Non-Farm Payrolls (NFP), employment and ISM services PMI data. Monitor the escalation in the Ukraine-Russia conflict. Congratulations to paying subscribers who benefited from the Oct 25, 2022 analysis suggesting early signs of a major bottom forming. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains, but weighed by the overbought weekly Stochastics. 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 GBPUSD, SILVER
Source: Interactive Brokers TWS
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