In this post, we’ll make a short-term review of the euro group, and we’ll look for the upcoming trade opportunities.
The euro currency index (EXY) shows a double bottom pattern. This pattern could make us expect more upsides for the common currency, but not all euro group is bullish. The trade war and lower inflation projections drive fundamentals. In this context, we don’t expect changes in the next monetary policy meeting.
EXY – Could activate a double bottom pattern.
The EXY could activate a double bottom pattern if the price breaks and closes above the 112.7 level. The profit target level of this chartist pattern is at 114.3. Invalidation level is below 111.1.
EURCAD – Developing an EW triangle structure
In the long-term, the EURCAD cross s developing a triangle pattern. This corrective structure comes from a bearish process. In consequence, if EURCAD closes below 1.50878, we expect a decline to the area between 1.50079 and 149838. The invalidation level is 1.5142.
EURAUD – Making a bearish flag pattern
The EURAUD cross develops a potential flag pattern, which indicates more declines. The breakdown could drive to the cross to visit the 1.59 level. The invalidation level is above 1.62.
Remember that the price is not forced to move as our outlook proposes. The charts released corresponds to a Technical Analysis application.