On the EUR/USD daily chart, there is a consolidation within the range of 1,039-1,05. The nearest significant resistance level is located near the 1,053 mark.
An update of the December minimum may lead to the continuation of the downtrend towards 1.0115 (Target 200% pattern AB = CD) and 0.985 (Target 161.8% in the “Crab” pattern).
On the EUR/USD hourly chart, there is a formation of the expanding wedge pattern. A successful test of the resistance near the 1.05 mark can lead to the development of the correction towards 1.055 and 1.0615. In contrast, the return of quotes to the 1.0365 level will create the prerequisites for the restoration of the downtrend.
Recommendations:
SELL 1,0365 SL 1,042 TP 1,0115,
SELL 1,055 SL 1,0615 TP 1,0365.
Origin: FX BAZOOKA
