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There has been a lot of bearish euro rhetoric circling the web lately.
But is it warranted?
Watch the video below to get my thoughts on where the EURUSD might go from here.
EURUSD has been difficult to figure out lately.
Since topping out at 1.1970 in early September, the euro has gone through weeks of consolidation.
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The tricky part has been trying to identify a favorable pattern from this.
However, I never stopped being bullish in the long term.
That’s something I’ve said since July.
The fact that EURUSD is holding well above a multi-decade triangle can’t be ignored, in my opinion.
The monthly chart above provides context for what’s happening on the daily time frame.
It means that even a pullback like the one we’ve had recently is a potential buying opportunity.
As for favorable patterns to help outline the recent consolidation, we have what could be a descending channel, also known as a bull flag pattern.
The challenge is that this pattern can be drawn a few different ways.
That’s why it’s important to watch how EURUSD reacts to the 1.1920 area over the coming days.
Selling pressure there could confirm the structure below.
But either way, I like EURUSD higher toward 1.25 over the coming weeks and months.
That’s my base case for the euro as long as 1.1450 is intact as support.