EUR/USD -21/03/2023-
• Euro is rallying again after testing the ascending trend line support near 1.05
• The pair is still trading inside an ascending channel
• I added a middle line inside the channel which is acting as support and resistance along the trend up
• Also, we can spot a short term descending channel, in which we are now, inside the big upward channel
• Bulls need to break the upper boundary of the downward channel in order to support the rally
• All eyes on FOMC meeting this week, which will be the catalyst for the next move, which appears more likely to be up than down, technically.
• The pair is still trading inside an ascending channel
• I added a middle line inside the channel which is acting as support and resistance along the trend up
• Also, we can spot a short term descending channel, in which we are now, inside the big upward channel
• Bulls need to break the upper boundary of the downward channel in order to support the rally
• All eyes on FOMC meeting this week, which will be the catalyst for the next move, which appears more likely to be up than down, technically.
Ramzi Abou Abdallah, CFTe, CMT
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