EUR/USD -8/11/2022-
• Euro Dollar exchange rate advance as a result of diminishing bets of Fed aggressiveness and hopes of China re opening
• Rally is more Dollar weakness rather than Euro strength
• Markets await inflation figures in the US tomorrow
• Technical rally points to a corrective move rather than trend reversal
• Ascending channel forming, meaning pair is trading inside a bearish continuation flag formation
• A flag formation is a continuation pattern, which indicates a pause of the previous move, which was down
• A typical flag formation retraces anywhere between 38,2% and 50% of the previous move
• Bulls and bears are now fighting around parity which is also the 23,6% retracement level
• Next resistance is the upper level of the flag formation followed by 1.03 level (2017 low and 38,2% level)
• Rally is more Dollar weakness rather than Euro strength
• Markets await inflation figures in the US tomorrow
• Technical rally points to a corrective move rather than trend reversal
• Ascending channel forming, meaning pair is trading inside a bearish continuation flag formation
• A flag formation is a continuation pattern, which indicates a pause of the previous move, which was down
• A typical flag formation retraces anywhere between 38,2% and 50% of the previous move
• Bulls and bears are now fighting around parity which is also the 23,6% retracement level
• Next resistance is the upper level of the flag formation followed by 1.03 level (2017 low and 38,2% level)
Ramzi Abou Abdallah, CFTe, CMT
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