EUR/USD the Fibonacci confluence zone located at 1.0597
We have seen mixed volatile trading in the US Dollar Index (DXY). The daily chart highlights spikes in both directions. The weekly chart highlights little net change and all price action within the previous week’s range.
This lack of clear direction has resulted in an Expanding Wedge formation being posted on the intraday chart. This pattern has a bias to break to the upside. Bespoke support is located at 103.35.
Reflecting this bias back onto EUR/USD, we look for limited buying. Bespoke resistance is located at 1.0745.
Price action looks to be forming a cypher pattern known as a Butterfly. The projected completion level for this formation is located at 1.0597. A break of the previous swing high at 1.0779 will negate the formation.
This lack of clear direction has resulted in an Expanding Wedge formation being posted on the intraday chart. This pattern has a bias to break to the upside. Bespoke support is located at 103.35.
Reflecting this bias back onto EUR/USD, we look for limited buying. Bespoke resistance is located at 1.0745.
Price action looks to be forming a cypher pattern known as a Butterfly. The projected completion level for this formation is located at 1.0597. A break of the previous swing high at 1.0779 will negate the formation.