Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

EUR/USD Forming Possible Wedge Bottom, Likely To Reverse Up Today Or Tomorrow

By Al BrooksForexMay 12, 2022 09:31AM ET
www.investing.com/analysis/eurusd-forming-possible-wedge-bottom-likely-to-reverse-up-today-or-tomorrow-200624085
EUR/USD Forming Possible Wedge Bottom, Likely To Reverse Up Today Or Tomorrow
By Al Brooks   |  May 12, 2022 09:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

EUR/USD Daily Chart
EUR/USD Daily Chart

  • The EUR/USD broke below the 11-bar tight trading range around 12:00 AM PT. The market is forming a possible wedge bottom on the intraday charts and may reverse up today or tomorrow.
  • The daily chart 11-bar tight trading range will likely act as a final flag, and the market will reverse back into the March – April range.
  • The April 21 selloff was strong enough that there would likely be a small second leg down and it is possible that today is that second leg down.
  • Right now, the odds still favor a rally back to the April 21 high.
  • Bears want a measuring gap with the April 14 low and the May 5 high.
  • It is possible the market had to reach a measuring move based on the March – April trading range, which would project down to 1.0332.
  • Overall, traders should look for a possible bull reversal setup today and tomorrow. The bulls will try hard to disappoint the bears on the weekly chart, so the market may reverse up before closing the weekly chart. The first target for the bears would be last week’s low which is 1.0482.
EUR/USD Forming Possible Wedge Bottom, Likely To Reverse Up Today Or Tomorrow
 

Related Articles

Kenny Fisher
Euro Slides As Inflation Jumps By Kenny Fisher - Jul 01, 2022

The EUR/USD is sharply lower on Friday and is currently trading just above the 1.04 line, down 0.76%. Eurozone inflation outperforms Eurozone CPI for June was higher than...

EUR/USD Forming Possible Wedge Bottom, Likely To Reverse Up Today Or Tomorrow

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
jose goncalves
jose goncalves May 12, 2022 1:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bingo! Lol
Niaz Karnachi Niaz Karnachi
Niaz Karnachi Niaz Karnachi May 12, 2022 11:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Such a disaster! Hope EUR goes to atleast 1.1
jose goncalves
jose goncalves May 12, 2022 10:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Today, tomorrow or after after after tomorrow! A correction is secure, then we dive again! Lol
Dany FX
Dany FX May 12, 2022 10:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I usually disagree with your articles but I can definetely see coming what you describe here. Weekly candle will be fixed by bulls
jose goncalves
jose goncalves May 12, 2022 10:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So stuborn! You can see bullishness everywhere, everytime, even now that it’s diving...
Stefan Sopp
Besserwisser May 12, 2022 9:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No market turmoil without your analysis, Al....I appreciate that very much
jose goncalves
jose goncalves May 12, 2022 9:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Joking! Lol
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email