EURUSD – A Post-Fall Consolidation

Hello Traders,

Here’s a quick update on the Euro. Looking at the chart above, price has made a dramatic drop since May 2014 after the break of a wedge pattern (see article). While price looks to continue it’s fall, it also looks somewhat extended – in other words, a correction is due. At the same time, price is also testing a significant Fib retracement level (78.2%).

As price closed with an inside bar last night (see below), the move from here should give us clarity as to whether price would make a correction now or at the next support level (around 1.20).

14 Nov - EURUSD Daily Forex Chart v3

With that, I’m keeping a close watch to see what happens after this period of consolidation.

Thank you and happy trading.

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