💶EUR/USD is it a trend reversal yet?
💶I invite you to read my technical insight this time on the EUR/USD pair.
💶After I had perfectly reinserted the upside, catching the end of the correction and the continuation of the upward momentum:
💶The time has come to predict the dips.
💶Looking at economic growth in the Eurozone we are at levels of 2.1% This is quite average looking at the past.
💶 Unemployment in the Eurozone is falling the latest readings on 3 November showed us falling to levels of 6.6% compared to last year's reading of 6.7%.
💶 Ahead of us next week, on 17 November to be exact, are the readings on inflation , which stood at 10.7% on 31 October. The market is betting on inflation slowing down. In the coming months.
💶 Eurozone interest rates were raised by 75 basis points at the last counci meeting on 27 October to levels of 2%
💶For fundamentals on the dollar, I refer you to previous material on the dollar
💶I will present in turn some of the tools I used on my chart.
💶1. Downward channel from peak to bottom
💶2. Fibo measure from peak to bottom
💶3. Fibo measure from bottom to current peak
💶4. I determined a support zone at 0.382 of the upward wave of the current impulse and where the price reacted before.
💶5. I determined a resistance zone at the 0.382 level of the overall downtrend and the area where the price reacted.
💶The scenario I am currently playing out is a downward scenario from the downward channel edge and the level where the price previously reacted (marked with arrows). Up to the support level (green zone)
💶*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
💶I invite you to read my technical insight this time on the EUR/USD pair.
💶After I had perfectly reinserted the upside, catching the end of the correction and the continuation of the upward momentum:
💶The time has come to predict the dips.
💶Looking at economic growth in the Eurozone we are at levels of 2.1% This is quite average looking at the past.
💶 Unemployment in the Eurozone is falling the latest readings on 3 November showed us falling to levels of 6.6% compared to last year's reading of 6.7%.
💶 Ahead of us next week, on 17 November to be exact, are the readings on inflation , which stood at 10.7% on 31 October. The market is betting on inflation slowing down. In the coming months.
💶 Eurozone interest rates were raised by 75 basis points at the last counci meeting on 27 October to levels of 2%
💶For fundamentals on the dollar, I refer you to previous material on the dollar
💶I will present in turn some of the tools I used on my chart.
💶1. Downward channel from peak to bottom
💶2. Fibo measure from peak to bottom
💶3. Fibo measure from bottom to current peak
💶4. I determined a support zone at 0.382 of the upward wave of the current impulse and where the price reacted before.
💶5. I determined a resistance zone at the 0.382 level of the overall downtrend and the area where the price reacted.
💶The scenario I am currently playing out is a downward scenario from the downward channel edge and the level where the price previously reacted (marked with arrows). Up to the support level (green zone)
💶*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 www.t.me/Investmatez 💲
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