EURUSD Short - Resisted and Broke Rising Trendline
Updated
This is a continuation of my previous forecast on 18th March to short the EURUSD.
As per forecast, the price has climbed to the supply zone and was resisted by a falling trendline at the same time
And just recently, the price made an attempt to break below the rising trendline, bringing up the probability of a reversal from the top.
Somehow, this does not give confirmation as long as the price has not broken new low which is at least below 1.1320.
However, given that this is a high risk-reward trade and now is probably the best entry price, it would definitely worth to take at least a small risk.
As per forecast, the price has climbed to the supply zone and was resisted by a falling trendline at the same time
And just recently, the price made an attempt to break below the rising trendline, bringing up the probability of a reversal from the top.
Somehow, this does not give confirmation as long as the price has not broken new low which is at least below 1.1320.
However, given that this is a high risk-reward trade and now is probably the best entry price, it would definitely worth to take at least a small risk.
Trade closed: stop reached
It came as a surprise that EURUSD broke through the supply zone instantly after FOMC.However, that also sets the tone for the dollar in the mid-term.
The Fed is very likely no longer interested to raise rate anymore.
In fact, the next move could very well be a rate cut.
The dollar is very likely to break below 95 and test the demand zone below.
Which means in the short-term, we should be able to short the dollar (except for pound which is very uncertain due to Brexit).
Losses are inevitable but will prove no harm if the risk is properly managed.
What's next after a loss should be a review and reassess of the market condition, then wait patiently for the next best possible price to enter again.
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