EUR/USD: Looking To Break Descending Wedge
Scott Barkley | May 05, 2018 11:45AM ET
Note: USDX is bullish (for now) with a bull flag in place, also bullish. Be aware that that could change in a heartbeat and will affect the currencies below. We are going with dollar strength for now. ATR’s have increased slightly.
EUR/USD
What ProAct Traders See: Bearish: We are currently sitting at 1.1957 in a range. We said last week “…looking for a continuation to equilibrium for the 1.618 Fibo at 1.1978.” We completed that and now looking for the break of the descending wedge (bearish) and a continuation to the 2.270 Fibo at 1.1802. The average daily true range (ATR) for the pair currently is 82 pips.
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