EURUSD - Uptrend reversal on market open?
Updated
EURUSD could run into problems at market open to sustain this vicious post-Draghi/Yellen momentum. I suspect that the bulls might be exhausted and give in to a confluence of selling pressure based on short term trend lines. Both daily and 6H RSI suggest a bearish divergence. The initial euphoria about Draghi's moderately hawkish comments about global economic recovery could also taper off swiftly over the weekend.
For those reasons, market opening might become very interesting for this pair either way, but especially if bulls are indeed exhausted from the swift pace as daily RSI suggests, and I'll consider to enter a short position here after market open on Monday, depending on further confirmation.
Credit for inspiration to look deeper and beyond last night's euphoria goes out to @TomHall.
Please ensure your own due dilligence.
All the best.
For those reasons, market opening might become very interesting for this pair either way, but especially if bulls are indeed exhausted from the swift pace as daily RSI suggests, and I'll consider to enter a short position here after market open on Monday, depending on further confirmation.
Credit for inspiration to look deeper and beyond last night's euphoria goes out to @TomHall.
Please ensure your own due dilligence.
All the best.
Trade closed: target reached
Trade closed, target reached
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