We're on the sidelines for now. | 18 November 2022
18 November 2022, EUR/USD
Wave Analysis:
Euro is currently trading within a contracting wedge formation. As long as the price remains within the current converging wedge formation, we are waiting for either a reversal from the within these trendlines to pick a reversal trade, or a we are on the sidelines, if the price breaks and closes above the upper the upper trendline, then this will be a good opportunity to keep looking for long term buy positions towards 1.0490 and may likely extend much higher. Basically, the idea here is to watch for either a break above the upper trendline to pick a buy or a break below the lower trendline to pick a sell.
Trade Recommendations:
We're on the sidelines for now.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
