EUR/USD Approaches Trendline Resistance
Gregor Horvat | Dec 01, 2021 06:02AM ET
Powell's speech, end-of-the-month position adjustments, and COVID news have shaken the markets this week. We have seen some sharp intraday drop yesterday in the US stock market while the US dollar rallied before it bottomed later in the session. However, the EUR/USD is still tapped in a 200 pip range so wave 4) can still in underway.
EUR/USD is trying to stabilize after a recent sharp sell-off from 1.1600 that we see as an extended wave 3) that belongs to the ongoing bearish impulse which may resume after a current rally. We see that rally as wave 4) which is now at the resistance zone here around 1.1370, near 38.2%, and an upper trendline that should stay in place to keep the bearish trend in play.
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