EURUSD Short-Term Reversal Expected

Alexandros Yfantis • Aug 3, 2017 at 11:46 AM EDT

EURUSD is trading inside an upward sloping wedge pattern. I would not be surprised to see the EURUSD move towards 1.15 now that everyone is bullish EURUSD again.

EURUSD is trading inside an upward sloping wedge pattern (purple). At the same time, it is inside a longer-term upward sloping channel (blue). There are signs that the wedge will break soon and the price is then expected to move towards the lower channel boundary.

(Click on image to enlarge)

Key support levels at 1.18-17.80 for the short-term, 1.17-16.20 for the medium-term. 1.15 for the long-term. I would not be surprised to see the EURUSD move towards 1.15 now that everyone is bullish EURUSD again… all those people looking at parity at 1.04… a correction is needed in order to get more fuel and power for the next big leg up towards 1.30.

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