EURUSD Analysis (Monthly Chart)
* The pair is trending within a descending wedge pattern, and prices have failed to breach its upper trendline multiple times in recent months.
* During Jan, the pair breached the wedge, tested the supply order block, then retraced lower.
* The month of Feb also failed to give a close higher till date.
* Hence, prices are now expected to retrace lower below 1.1800, with immediate support at the fib level 0.786 (1.1685)
* Below which, it might continue the downtrend towards the fib level 0.618 (1.1230) with an immediate hurdle near 1.1470.
* The pair is trending within a descending wedge pattern, and prices have failed to breach its upper trendline multiple times in recent months.
* During Jan, the pair breached the wedge, tested the supply order block, then retraced lower.
* The month of Feb also failed to give a close higher till date.
* Hence, prices are now expected to retrace lower below 1.1800, with immediate support at the fib level 0.786 (1.1685)
* Below which, it might continue the downtrend towards the fib level 0.618 (1.1230) with an immediate hurdle near 1.1470.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.