EURUSD continues its daily uptrend. The primary goal of the monthly supply zone has been reached, but there is no retracement yet.
I believe the daily uptrend will continue.
The reason is that USDJPY hasn't reached the monthly demand zone, so the market still has a chance to sell the dollar.
So, until then, EURUSD will continue to rise.
And, if the daily upward wave can no longer continue, a weekly correction process will come out. If weekly correction starts in November, it can be done until early December. The target of the weekly correction will be around 1.0, and it will be decided whether to rebound or decline here depending on the November employment index or the result of the interest rate hike to be announced in December.
If the rebound is successful, it is a weekly bullish pattern, so it is a case of a weekly upward wave. Year 22 will end with an upswing.
Conversely, if the rebound fails, the monthly decline is expected to continue until early next year.
good luck.
I believe the daily uptrend will continue.
The reason is that USDJPY hasn't reached the monthly demand zone, so the market still has a chance to sell the dollar.
So, until then, EURUSD will continue to rise.
And, if the daily upward wave can no longer continue, a weekly correction process will come out. If weekly correction starts in November, it can be done until early December. The target of the weekly correction will be around 1.0, and it will be decided whether to rebound or decline here depending on the November employment index or the result of the interest rate hike to be announced in December.
If the rebound is successful, it is a weekly bullish pattern, so it is a case of a weekly upward wave. Year 22 will end with an upswing.
Conversely, if the rebound fails, the monthly decline is expected to continue until early next year.
good luck.
Trade closed: target reached
The goal has been reached. The pattern has changed a bit, so we'll analyze it again.
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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.