watch for price action!
Updated
eurusd recently made new year low, followed by the spike above that move.
we need to watch for price action.
that spike might be a false move for new buyers to take down. technically it looks like a retest of 1.11500. as long as 1.11500 and 1.11750 stand, eurusd will likely to move down.
yet if the price does consolidation in the area of 1.11300 - 1.11500 we can see a further move up with formed double bottom on a daily timeframe.
until it breaks and stays above 1.11750 my personal preference is shorting this pair.
we need to watch for price action.
that spike might be a false move for new buyers to take down. technically it looks like a retest of 1.11500. as long as 1.11500 and 1.11750 stand, eurusd will likely to move down.
yet if the price does consolidation in the area of 1.11300 - 1.11500 we can see a further move up with formed double bottom on a daily timeframe.
until it breaks and stays above 1.11750 my personal preference is shorting this pair.
Note
the price broke above 1.11750. friday price action will likely define the movement for the next week or two. i will watch for these key levels:
1.12000
1.12150
and on the downside:
1.11500
1.11300
recent moves, patterns and candles tell us the eurusd is aiming north same way it did in late april, yet i would like to see more solid confirmations.
current price action might be a buyers trap as well.
profitable trades for everyone!
Note
eurusd got 61.8 level from recent days of downward trend.yet id did it in gbpusd style )
Note
at the same time that was exactly 262 fibo level of last spike down.Note
many traders now believe this is a trend change and easy buy setup. just take this information i posted above for consideration.Note
1.12150 stood very well.i keep my shorts on eurusd.
and will keep short bias until 1.12150 broke and retested from above.
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