#EURUSD @ 1.06649 is stalling on the bid and the W-formation could play out for a move into the 1.0620s.
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- EUR/USD is stalling on the bid and the W-formation could play out for a move into the 1.0620s.
- On the upside, we have 1.0700 as a key level where a measured move of -0.272% of the potential correction’s range.
As illustrated in the prior analysis, the price has moved into the target area, leaving a W-formation in its tracks. This is a reversion pattern whereby bulls would still be expected to move in at a discount from the neckline should there be a test of 1.0600 or there abouts.
This still marks 1.0600 as a key support area and 1.0520s below it as being the CPI take-off point.
The price is stalling on the bid and the W-formation could play out for a move into the 1.0620s as a first objective and then to test 1.0600 thereafter. 1.0580 and 1.0520/05 could be the last defence for a significant bearish correction for the weeks ahead and New Year.
On the upside, however, we have 1.0700 as a key level where a measured move of -0.272% of the potential correction’s range to support meets the prior mid-summer resistance looking left. We have 1.0790 thereafter as the next level.
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