empty
 
 
10.06.2021 09:00 AM
EUR/USD Rising Wedge Still Valid

EUR/USD plunged after reaching 1.2218 yesterday's high and now is located below the weekly pivot of 1.2178. The DXY rallied right after the BOC and maybe as a reaction ahead of the US inflation data and before the ECB.

The ECB is expected to maintain its monetary policy unchanged, but the ECB Press Conference and the Monetary Policy Statement could bring sharp movements. Also, the US CPI and Core CPI publication, along with the Unemployment Claims could really shake the markets later today.

EUR/USD Downside In Cards!

This image is no longer relevant

EUR/USD failed to stabilize above 1.2201 former high and above the weekly pivot point (1.2174) and now it could drop again. The major Rising Wedge pattern is still valid after the price's failure to approach the R1 (1.2246) to he the former uptrend line.

Still, a larger corrective phase could be activated and validated only by a drop and stabilization below the 23.6% retracement level and after making a new lower low. The pair could come back to test and retest the weekly pivot point before dropping deeper.

Forecast!

Today it is risky to pick a direction because anything could happen during the ECB policy announcement and after the US inflation data release. Potential growth will be announced by a bullish closure above 1.2218.

Selling could be signaled if the price makes a new false breakout above the pivot point (1.2174) or through the 1.2201 level.

Summary
Urgency
Analytic
Ralph Shedler
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback