EUR/USD
Strategy: Flat
Weekly Profit / Loss: -148 pips
Total Profit / Loss: -148 pips
Our short EURUSD at 1.4710 position was stopped out as prices closed above 1.4847, the 9/23 wick high. Looking at the weekly chart to access the overall picture, positioning continues to favor the downside with a clear Rising Wedge bearish reversal formation bolstered by negative divergence on the RSI oscillator. The bulls face a major hurdle at the 1.50 level, a level that is significant both psychologically and technically with the intersection of the wedge top and a horizontal resistance level. We will remain on the sidelines for the time being as prices find their bearings at this key juncture.
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