EUR/USD: get ready to execute SELL positions

12 gen 2023

As it can be inferred from the graphical illustration, after recent bullish impulses, the price is consolidating within the borders of the sideways-moving channel plotted on the graph and is possibly preparing to initiate short-term bearish moves. The price has been able to spike above the upper boundary of the box and grab some liquidity before re-entering the borders of it. Judging by the current price development and the ongoing bullish pressure on the DXY, we believe the price of EUR/USD might experience some bearish action and reach the area of support highlighted on the chart that lines up with the 50% Fibonacci retracement level.