EUR/USD -19/01/2023-
• Daily EURO/DOLLAR chart, zooming out back to 2021, where the 1.5 year downtrend started
• Short term, trend is bullish, higher highs higher lows
• Rising wedge forming, a bearish reversal pattern
• Resistance levels becoming support levels, a clear sign of an uptrend
• However, looking at the big picture changes the outlook a little bit
• Drew Fibonacci retracement levels 50% and 61.8% of the long term downtrend
• 50% level is around 1.09 and 61.8% is around 1.1225
• Bulls are now fighting to break the 50% level, without success till now
• Last area of defense for the bears is the 61.8% critical correction level
• If 1.1225 level stays intact, the pair will resume the long term downtrend
• Only if bulls manage to break the above level, we can safely say that the long term trend reversed and we are in a bullish market
• Short term, trend is bullish, higher highs higher lows
• Rising wedge forming, a bearish reversal pattern
• Resistance levels becoming support levels, a clear sign of an uptrend
• However, looking at the big picture changes the outlook a little bit
• Drew Fibonacci retracement levels 50% and 61.8% of the long term downtrend
• 50% level is around 1.09 and 61.8% is around 1.1225
• Bulls are now fighting to break the 50% level, without success till now
• Last area of defense for the bears is the 61.8% critical correction level
• If 1.1225 level stays intact, the pair will resume the long term downtrend
• Only if bulls manage to break the above level, we can safely say that the long term trend reversed and we are in a bullish market
Ramzi Abou Abdallah, CFTe, CMT
Penafian
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