EURUSD With a New Wyckoff Cycle
The price action of the EURUSD is currently behaving as per the expectations of the Wyckoff method, and this week's economic releases are likely to bolster this trend.
There was a temporary break in the new Markdown, which was represented by the formation of the Flag pattern. However, the breakdown below the 38.2 per cent Fibonacci at 1.13524 indicated the continuation of the Markdown.
At present, the price action is probing the major support level at 1.13190, underscored by the 500-day MA (in blue). A breakdown below it would allow for a dropdown towards the 61.8 per cent Fibonacci at 1.12642. The previous swing low at 1.11400 represents a deeper target.
There was a temporary break in the new Markdown, which was represented by the formation of the Flag pattern. However, the breakdown below the 38.2 per cent Fibonacci at 1.13524 indicated the continuation of the Markdown.
At present, the price action is probing the major support level at 1.13190, underscored by the 500-day MA (in blue). A breakdown below it would allow for a dropdown towards the 61.8 per cent Fibonacci at 1.12642. The previous swing low at 1.11400 represents a deeper target.
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