Short-Term Reversal Expected For EUR/USD

EUR/USD is trading inside an upward sloping wedge pattern (purple). At the same time it is inside a longer-term upward sloping channel (blue). There are signs that the wedge will break soon and price is then expected to move towards the lower channel boundary.

EUR/USD Daily Chart

EUR/USD 4 Hour Chart

Key support levels at 1.18-17.80 for the short-term, 1.17-16.20 for the medium-term. 1.15 for the long-term. I would not be surprised to see the EUR/USD move towards 1.15 now that everyone is bullish EUR/USD again….all those people looking at parity at 1.04….a correction is needed in order to get more fuel and power for the next big leg up towards 1.30.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

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