EURUSD Aug 19 to Aug 23 Outlook
As expected the rising wedge did not last. It was broken to the down side and the selloff almost tagged my downside target. Euro bounced before the target was reached. A steep rally from the low took euro back up to 100% absolute range expansion. Closed the week at Y-0 and above midpoint.
Below Y-1 was rejected decisively. Yet rally higher has no strength. The pop up to B+1 is a retest of the rising wedge support line from below. So far the support line holds thus we are looking at a potential longer term top in the making. As long as Y+1 is not breached on weekly close basis euro should go much lower.