The EUR/USD pair is in a very tight range for the past days.
The pair has formed a bullish flag pattern and given a break out above the flag.
It can also be interpreted as an inverted Head and shoulder pattern and the right shoulder is formed in a typical textbook manner with profound flatness
When the price breaks out above the neckline, we can expect short covering as well as fresh longs which can induce fresh bullish momentum in the counter.
Adding to that, the pair is due for an ABC corrective to conclude its elliot wave. So if the break out happens, the next resistance is only at the point C.
As today is a major news event day, extreme volatility can be expected.
The pair has formed a bullish flag pattern and given a break out above the flag.
It can also be interpreted as an inverted Head and shoulder pattern and the right shoulder is formed in a typical textbook manner with profound flatness
When the price breaks out above the neckline, we can expect short covering as well as fresh longs which can induce fresh bullish momentum in the counter.
Adding to that, the pair is due for an ABC corrective to conclude its elliot wave. So if the break out happens, the next resistance is only at the point C.
As today is a major news event day, extreme volatility can be expected.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.