EURUSD: Weekly Forecast 23rd - 27th Dec 2019
EURUSD fell first as expected but was failed to discover any strong support for a strong rebound.
As a result, a fake break at the top of the 18-month falling channel was confirmed and EURUSD fell last week.
An ascending triangle was formed in the process and price is just about 40 pips away from the bottom of the pattern.
Since it's Christmas week, volatility is expected to be very low and EURUSD is most likely to range within the pattern too.
Traders can attempt an intraday buy low of the ascending triangle from 1.1053 to 1.1038.
Otherwise, wait for the price to rebound from the current low and look for sell opportunity from 1.1111 to 1.1144.
As a result, a fake break at the top of the 18-month falling channel was confirmed and EURUSD fell last week.
An ascending triangle was formed in the process and price is just about 40 pips away from the bottom of the pattern.
Since it's Christmas week, volatility is expected to be very low and EURUSD is most likely to range within the pattern too.
Traders can attempt an intraday buy low of the ascending triangle from 1.1053 to 1.1038.
Otherwise, wait for the price to rebound from the current low and look for sell opportunity from 1.1111 to 1.1144.
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