EURUSD: Large scale volatility squeeze
Updated
In this chart you can see how the 240 period moving average volatility bands indicator are tightening, showing a breakout to the down side with increasing momentum.
Price is likely to accelerate and not retest the yearly pivot or the upper resistance zones I depict in the chart.
For now, I'd only take short EUR positions, mainly driven by the fundamentals, which align with technical setups from time to time, offering us traders with profitable ventures if the timing is right.
A retrace to the 1.21 region is possible, and my targets would be the two green lines in the chart, since they represent the areas where price spent the most time on a bigger timeframe.
As my friend Carl Ekstroem says, 'pullbacks are for selling'.
Good luck!
Price is likely to accelerate and not retest the yearly pivot or the upper resistance zones I depict in the chart.
For now, I'd only take short EUR positions, mainly driven by the fundamentals, which align with technical setups from time to time, offering us traders with profitable ventures if the timing is right.
A retrace to the 1.21 region is possible, and my targets would be the two green lines in the chart, since they represent the areas where price spent the most time on a bigger timeframe.
As my friend Carl Ekstroem says, 'pullbacks are for selling'.
Good luck!
Trade closed: target reached
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