Home › Forums › Mensa Activities › General Mensa Events › Soapbox Jan 2016- How to Trade Profitably using Technical Analysis › EURUSD Long Term Outlook
Here is my long-term outlook for EURUSD:
1. Between 2008 and 2014, the weekly chart shows a descending wedge.
2. The price had broken out of the wedge and moved lower.
3. For the most part of 2015, the chart had formed a bearish flag pattern.
4. Based on the length of the flag pole, the price objective would be around 0.8230~0.8240
5. The objective price corresponds with a long-term support (mid-Oct, 2000).
Disclaimer:
Although my view is that the EURUSD will move downwards in the next 12 months or so, the price swings within this period may still be sufficient to hurt your trade to the extent of wiping out your account (if you are leveraging). You are advised to consult a professional before you trade.