Hello Traders,
EUR/USD is currently in a bullish channel pattern where the elliot wave theory has completed its 4th wave on the 5th wave uptrend. There was a significant rise signaling overbought territory and has seen a small pullback in the last few days. Once it finishes its pullback and shows support at the 10 EMA line, then the bullish trend should resume, however Fed Chari Powell Testimony is tomorrow and Thursday which will create more volatility in the markets. Be patient and wait for trend confirmation.
EUR/USD is currently in a bullish channel pattern where the elliot wave theory has completed its 4th wave on the 5th wave uptrend. There was a significant rise signaling overbought territory and has seen a small pullback in the last few days. Once it finishes its pullback and shows support at the 10 EMA line, then the bullish trend should resume, however Fed Chari Powell Testimony is tomorrow and Thursday which will create more volatility in the markets. Be patient and wait for trend confirmation.