EURUSD has already broken the support level around 1.13 level a few times. The question is that will it come back to the wedge formation shown above or will pull back again and goes lower.
I have the following chart which may answer this question.
This is weighted average EURO. See how nicely broke the lower band of the wedge formation. A lot cleaner and readable than EURUSD chart. Is not it?
Where is it now? It visiting the lower band of the wedge formation and this is now acting as a very strong resistance. So I doubt EURO to become stronger because of this strong resistance.
at the same time German bonds broke all support. This is a bearish signal too
Regards,
KHAN
I have the following chart which may answer this question.
This is weighted average EURO. See how nicely broke the lower band of the wedge formation. A lot cleaner and readable than EURUSD chart. Is not it?
Where is it now? It visiting the lower band of the wedge formation and this is now acting as a very strong resistance. So I doubt EURO to become stronger because of this strong resistance.
Regards,
KHAN