EUR/USD breakout
As mentioned in my previous post the pair broke below the rising wedge and failed to recover.
The ECB meeting today also disappointed with its dovish message and downgraded growth forecasts.
Also, the committee is launching TLTRO program soon which also increased the pressure on the pair.
My initial target for the rising wedge breakout is 1.1180 which is also 61.8% fibo level of the 2016-2017 up move.
The Ecb today made this move happen faster than anticipated.
I don't recommend selling at this level since EUR/USD is highly oversold and might retrace a little bit to mid 1.12's.
Target to the downside is 1: 1.118 and 2:1.11 psychological level.
Good luck
The ECB meeting today also disappointed with its dovish message and downgraded growth forecasts.
Also, the committee is launching TLTRO program soon which also increased the pressure on the pair.
My initial target for the rising wedge breakout is 1.1180 which is also 61.8% fibo level of the 2016-2017 up move.
The Ecb today made this move happen faster than anticipated.
I don't recommend selling at this level since EUR/USD is highly oversold and might retrace a little bit to mid 1.12's.
Target to the downside is 1: 1.118 and 2:1.11 psychological level.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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