Follow-up analysis - Short term
It was an excellent analysis; EUR/USD reached the third target at 1.147 zones, and right now, it is back to retest the same support at broken major down trendline (Red line).
Currently, all market conditions are volatile because of Russia x Ukraine issues; any incoming breaking news could change the market direction.
On the weekly timeframe (chart attached below), we can see that right now; the price is sitting on a broken major down trendline (Red line). The market broke this major downtrend line in July 2020. However, I agree that there's a possibility that the price could keep falling deeper to retest the decade's super strong support (Yellow line) at 1. 05 - 1.06 area. But, as long as the price stays above the red broken major down trendline, my initial plan remains the same, which is EUR potentially climbing to 1.223.
Invalidation:
- This analysis fails if the price breakout and close below the red support
Important event:
- Fed Chair Powell Testifies
- NFP
- Russia x Ukraine news
- DXY movement
Currently, all market conditions are volatile because of Russia x Ukraine issues; any incoming breaking news could change the market direction.
On the weekly timeframe (chart attached below), we can see that right now; the price is sitting on a broken major down trendline (Red line). The market broke this major downtrend line in July 2020. However, I agree that there's a possibility that the price could keep falling deeper to retest the decade's super strong support (Yellow line) at 1. 05 - 1.06 area. But, as long as the price stays above the red broken major down trendline, my initial plan remains the same, which is EUR potentially climbing to 1.223.
Invalidation:
- This analysis fails if the price breakout and close below the red support
Important event:
- Fed Chair Powell Testifies
- NFP
- Russia x Ukraine news
- DXY movement
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