In my view, the chances that the EURUSD has finally topped over the medium to long term are high. Lets assess whats going on,
-The weekly chart suggests multiple bearish breakout
- Bearish breakout and completion of a long term head and shoulders top pattern
- Bearish breakout and completion of a rising wedge bearish pattern
-Bearish breakout and stability below the a cluster of key long term moving averages.
- A new series of lower highs and lower lows established
Targets are illustrated on chart.. I am looking for an upside correction, i will be shorting near 1.3500, with a stop loss daily closing above 1.3700 and targets at 1.3300,1.3100 and 1.2750.
As usual, limiting your risk at any trade is compulsory, technical analysis increases your chances of success, but never works all the time.
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My best regards,
Technician
