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We're short | 28 February 2023

28 February 2023, EUR/USD

EURUSD is in a corrective phase. The market formed an expanding wedge from minor corrective wave a,1.0669 to 1.0579. The market formed an expanding wedge from minor corrective wave a,(1.0668) to where the market is now which is at (1.0613). We expected the market to break the lower trendline of this expanding wedge and drop at least up to (1.0212) but because of the major zone at (1.0534) the market was rejected and the market is currently buying (short-term), I expect the price to buy up to around (1.0706) then drop up to our target,1.0212 (minor corrective wave (c).

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Bob Stan
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