EURO U.S. DOLLAR FXCM : EURO BREAKOUT & USD BREAKDOWN IMMINENT!!
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Euro to USD is in a descending wedge and has been for years against the dollar. In October of 2020 Euro had a failed breakout and came back down into the wedge. The apex of the wedge is nearing and I believe the EURO will break out of this wedge with a measured move of 1.48 and possibly higher after that level is reached. There is probably still a touch of the bottom support line of the wedge which could bring the EURO to .96 or so before the final move to the upside with the break of the upper resistance line of the wedge.
The USD has been in a bear flag/descending channel for years now against the EURO. The dollar looks like it has one more bullish drive to about 114 by around September of this year, before dropping to the bottom support of the channel/flag and retesting 96. At that point the dollar will either break right through without a bounce or if it bounces may try for 103 before its final descent down to about 67 which is the measured move of the bear flag.
These scenarios will both be invalidated if USD breaks to the upside and closes above 120ish on a weekly candle. I don't see this happening though because of many factors. Hyperinflation is right around the corner, if you think things are expensive now just wait and see when the printers really turn on. We haven't seen anything yet my friends, they were just testing the water to see how we would react to this inflation. What comes next will be epic.
This is not financial or trading advice this is just my opinion, thank you and good luck out there.
Euro to USD is in a descending wedge and has been for years against the dollar. In October of 2020 Euro had a failed breakout and came back down into the wedge. The apex of the wedge is nearing and I believe the EURO will break out of this wedge with a measured move of 1.48 and possibly higher after that level is reached. There is probably still a touch of the bottom support line of the wedge which could bring the EURO to .96 or so before the final move to the upside with the break of the upper resistance line of the wedge.
The USD has been in a bear flag/descending channel for years now against the EURO. The dollar looks like it has one more bullish drive to about 114 by around September of this year, before dropping to the bottom support of the channel/flag and retesting 96. At that point the dollar will either break right through without a bounce or if it bounces may try for 103 before its final descent down to about 67 which is the measured move of the bear flag.
These scenarios will both be invalidated if USD breaks to the upside and closes above 120ish on a weekly candle. I don't see this happening though because of many factors. Hyperinflation is right around the corner, if you think things are expensive now just wait and see when the printers really turn on. We haven't seen anything yet my friends, they were just testing the water to see how we would react to this inflation. What comes next will be epic.
This is not financial or trading advice this is just my opinion, thank you and good luck out there.
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