Euro / U.S. DollarShort
Will the Wolfe whistle – a medium term look at the EURUSD rate
EUR has been dropping in value since the start of 2017 and has hit 3 new higher highs for each wave. This has created the first 4 waves of our Wolfe pattern and after the French election we see a reversal of the trend back into the wedge formed by the pattern.
If the candle closes within this wedge the pattern would be complete and would indicate a further drop from here. Technical traders would then look to take a short positon with a stop loss located above the final wave and a take profit near the bottom of the wedge.
If the candle closes within this wedge the pattern would be complete and would indicate a further drop from here. Technical traders would then look to take a short positon with a stop loss located above the final wave and a take profit near the bottom of the wedge.
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