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EUR/USD Technical Outlook: Euro Could Squeeze Higher

EUR/USD Technical Outlook: Euro Could Squeeze Higher

Paul Robinson, Strategist

EUR/USD Technical Highlights:

  • EUR/USD trend is clearly lower but squeeze higher
  • Watch the developing falling wedge on the 4-hr chart

The EUR/USD is clearly trending lower and at its worst levels since July 2020, but there is potential for it to undergo a corrective rally if the developing falling wedge has any say in it. Ideally, the pattern forms out a little more before triggering, but could soon signal would-be longs looking for a recovery and shorts who are looking to lock in shorter-term gains.

Overall, the broader trend is lower and there is room to go before a decades long trend-line is tagged around the 11000 mark. For now, though, the focus is on the 4-hr chart and we’ll take it from there.

For the full details, check out the video above.

EUR/USD Daily Chart

EUR/USD Daily Chart

EUR/USD 4-hr Chart

EUR/USD 4-hr chart

EUR/USD Charts by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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