Euro / U.S. DollarShort
The EURUSD is Not Done Falling
Following the successful breakdown below the Ascending Wedge's lower boundary (as we projected in our last analysis of the pair, see below), the EURUSD looks poised to resume falling shortly.
The highly anticipated payrolls data in the U.S., which is scheduled for publication on Friday, would likely strengthen the greenback. This time, the correction would likely target the next psychological benchmark - the 38.2% Fibonacci retracement level.
The price action is currently consolidating below the 50-day MA (in green), which serves as a good indicator of where to place a stop-loss.
The highly anticipated payrolls data in the U.S., which is scheduled for publication on Friday, would likely strengthen the greenback. This time, the correction would likely target the next psychological benchmark - the 38.2% Fibonacci retracement level.
The price action is currently consolidating below the 50-day MA (in green), which serves as a good indicator of where to place a stop-loss.
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