The Euro is in danger near-term as resistance clearly appears formidable based mostly on the worth motion
The Euro is in danger near-term as resistance clearly appears formidable based mostly on the worth motion we noticed final week. The reversal on Friday got here on the confluence of the 200-day, September 2018 trend-line, and peaks from Oct/Nov. The sturdy reversal suggests after the present minor retracement we’ll see EUR/USD weak point once more. With a while we might see an ascending wedge kind, however for now operating with a near-term downward bias.
Recommended by Paul Robinson
What Makes a Trader Successful?
EUR/USD Every day Chart (rejected at resistance)
AUD/USD can’t maintain a rally, and on that it’s persevering with acquired construct what appears like a corrective wedge formation since bottoming within the late summer time, early fall. The 200-day and October excessive are holding a lid on any additional development. The downturn has the trend-line off the October low coming into focus. Just a little extra backing-and-filling might see a full corrective wedge kind and a cloth value decline develop early in 2020.