Quote:
Originally Posted by Blaiserboy
Because we have achieved a lower low and then a lower high, I am assuming we are into a downtrend, although we are going to have a retrace higher soon.. then lower again beyond the resistance at 61.8.
That is my 2 cents.....
Comments.............................
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Sounds about right to me. EURUSD has already started to pull up higher towards support-turned-resistance at the 38.2% fib (1.5758). Price action before the most recent selloff definitely looks like a Rising wedge (complete with oscillator divergence for confirmation). This is a significant bearish reversal pattern so I think the current downside breakout is real and will have some legs.
Ilya
