EURUSD Aug 12 to Aug 16 Outlook

Recap
Consolidated early in the week and drifted higher to Y+1 as mentioned last week. Pushed higher to 100% absolute range expansion before it stalled. No big surprise. Closed the week at Y+1 and above midpoint.

Outlook
Euro has locked itself into a major rising wedge / bearish up drift.

The moment the wedge is broken at B-0, a selloff back down to Y-1 is likely. Due to the fact that the wedge started from way below around 1.30, this drop may either last a long time or flush down real fast until the downside target 1.30 area is tagged.

This coming week euro may still drift higher but the upside potential is very limited so not interested in the longside at all.