EURUSD has been trading within a MASSIVE consolidation wedge on the weekly chart for the past 2 years. Everytime the market gets near the edge of this weekly wedge there is always potential for major moves across all currencies globally. Here we are back at the top of the wedge, as the market is retesting a major structure level.
If the market manages to break through the gold region, which is the area between the weekly wedge and the structure, this will trigger a massive breakout on EURUSD, and dollar pairs across the globe. Retesting the infamous 1.1700 levels.
If the market is unable to breakthrough, it will drop back down a few hundred pips to gear up for another retest of the 1.1140 levels.
If the market manages to break through the gold region, which is the area between the weekly wedge and the structure, this will trigger a massive breakout on EURUSD, and dollar pairs across the globe. Retesting the infamous 1.1700 levels.
If the market is unable to breakthrough, it will drop back down a few hundred pips to gear up for another retest of the 1.1140 levels.