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EUR/USD Getting Ready To Confirm For 1.1676

ByAbigail Doolittle
Published 08/07/2012, 12:14 AM
Updated 07/09/2023, 06:31 AM

As would be fitting to EUR/USD’s more than year-long downtrend with just a small slice of that decline shown below, EUR/USD is likely to continue fulfilling its large Symmetrical Triangle to its downside target of 1.1748 in a more obvious manner by dropping on the recent Bear Wedge in purple to 1.2040.
<span class=EUR/USD" title="EUR/USD" width="742" height="335">
“Helping” the Bear Wedge is a small Double Top that confirms at 1.2040 for a target of 1.1676 and one that gives more reason to think the Symmetrical Triangle will fully hit its aforementioned downside target with both the Bear Wedge and Double Top forming the bulk of a bearish Broadening Formation. This pattern confirms at 1.2040 as well for the same target with this total picture making it hard to see EUR/USD do anything but continue on down unless it takes out its last and seemingly much higher high at 1.2692.

Otherwise and more likely, EUR/USD appears to be getting ready to confirm for 1.1676 with Europe’s sovereign debt and banking crisis far from over despite investor euphoria over a less-than-euphoric July jobs report.

Latest comments

well Doolittle, all of a sudden you appeared this is what i am worried about, your article about Gold convinced me so i shorted Gold after a decade of going long Gold, now it's EUR/USD if you are not right i will be margin called. .................!
correct
YES TRUE
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