EUR/USD Forms Parabolic Wedge, Could Move Sideways Toward Moving Average

Published at: Sep 13, 2023

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EUR/USD

-0.05%

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Type: BUY SELL

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EUR/USD-Daily Chart

• The EUR/USD formed a parabolic wedge bottom on the daily chart.
• The price is far from the moving average, and will probably have to get closer to the moving average before bears are willing to sell. This is because the recent selloff is late in a bear trend that began in July, and traders will expect a deeper pullback.
• The bears still hope they will reach the May 31st low. However, the market may have to test the moving average before the bears get the May 31st low.
• Overall, traders should expect the market to go sideways for the next few trading days, and bears take partial profits and bull buy for scalps.

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