EUR/USD analysis - "Bulls may come back"
Dear traders!
Here is my idea about EUR/USD pair, my first public forex analysis and second shared publically. As always I base my analysis on the technical and fundamental aspects.
Technical analysis:
AS we can observe EUR/USD was in an uptrend for almost 2 months. Recently we could witness a correction (more than 2%) which resulted in a bearish wedge pattern. Right now the price reached the lower part of the wedge pattern resulting from bearish momentum. At the same time price reached the S/R level which may be tested over the coming week. In addition, there is the potential to test the key S/R level, which in turn may suggest some kind of consolidation (blue rectangles).
Fundamental analysis:
AS mentioned above recent correction could be a turn to save haven assets by more risk-averse investors. In addition, deep correction on another save haven asset - Gold could suggest a preference of investors to hold liquid reserves. This, in turn, could also point to the current COVID19 situation which seems to be still in power with the possibility for 3rd wave all over the world.
Be patient, watch carefully
Feel free to comment, give your thoughts. Would appreciate it if you like it! (my first published analysis :) )
Disclaimer!
This post does not provide financial advice. Always do your own analysis. Be aware that only you are responsible for your trades. Trade safe and keep in mind the risk!
Here is my idea about EUR/USD pair, my first public forex analysis and second shared publically. As always I base my analysis on the technical and fundamental aspects.
Technical analysis:
AS we can observe EUR/USD was in an uptrend for almost 2 months. Recently we could witness a correction (more than 2%) which resulted in a bearish wedge pattern. Right now the price reached the lower part of the wedge pattern resulting from bearish momentum. At the same time price reached the S/R level which may be tested over the coming week. In addition, there is the potential to test the key S/R level, which in turn may suggest some kind of consolidation (blue rectangles).
Fundamental analysis:
AS mentioned above recent correction could be a turn to save haven assets by more risk-averse investors. In addition, deep correction on another save haven asset - Gold could suggest a preference of investors to hold liquid reserves. This, in turn, could also point to the current COVID19 situation which seems to be still in power with the possibility for 3rd wave all over the world.
Be patient, watch carefully
Feel free to comment, give your thoughts. Would appreciate it if you like it! (my first published analysis :) )
Disclaimer!
This post does not provide financial advice. Always do your own analysis. Be aware that only you are responsible for your trades. Trade safe and keep in mind the risk!
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.