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.
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