Once upon a time, there was a great recession in 2008 and from there the USD is continuously strengthening in the red channel. This is a 12-year declining channel. The upper line of the channel has been approached again(1.18 - 1.20). This is the fifth time in this period of time and this is a very strong resistance zone
The question is "break or not to break". The time will tell..... but in my Elliott perspective I waiting for a turning down and gear up in the third wave to reach the double bottom around 0.8. I supposed I am very unconventional, the forecast a very bad picture of the future and very debatable but this is the technical situation.
What happened if my view is wrong then the EURUSD will go through 1.20 and reach 1.25. There will be a big stop and a backtest of the break out which will create a good buying opportunity. I can accept this scenario, but let's see the evidence before buying because the euro chance is weak around the resistance.
wish you a good wave and the market commit to you!
The question is "break or not to break". The time will tell..... but in my Elliott perspective I waiting for a turning down and gear up in the third wave to reach the double bottom around 0.8. I supposed I am very unconventional, the forecast a very bad picture of the future and very debatable but this is the technical situation.
What happened if my view is wrong then the EURUSD will go through 1.20 and reach 1.25. There will be a big stop and a backtest of the break out which will create a good buying opportunity. I can accept this scenario, but let's see the evidence before buying because the euro chance is weak around the resistance.
wish you a good wave and the market commit to you!
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