EURUSD / Wait & See Approach
Updated
EU is still trading below 1.1435-50 key resistance level. As long as this zone is not broken and confirmed broken (by retest) we can not be sure that pair is back in bullish momentum.
This is why we call this zone possible short zone for short term movements (if Mid-Term Elections favor Trump & we can find hint of another FEDs hike in December at this weeks meeting).
If you are on bullish side, you can consider buying at 0.618 Fib Level which is sitting around 1.1360 or you can buy on 1.13 zone (triple bottom).
However, if bears manage to break 1.13 zone, we should see 100pips drop very very fast so this is why we call this zone Buy2 or Crash.
This is why we call this zone possible short zone for short term movements (if Mid-Term Elections favor Trump & we can find hint of another FEDs hike in December at this weeks meeting).
If you are on bullish side, you can consider buying at 0.618 Fib Level which is sitting around 1.1360 or you can buy on 1.13 zone (triple bottom).
However, if bears manage to break 1.13 zone, we should see 100pips drop very very fast so this is why we call this zone Buy2 or Crash.
Note
Exactly why it is worth to wait & see. All the bulls got trapped today, we saw a lot of profit taking and Daily Close is a huge failure for EUR.
If FED statement tomorrow indicate that there will be one more hike in December - we could see EUR falling towards 1.12 either by the end of the week or in next week.
Note
We will enter Short position on pullback to 1.13ish zone.Good Luck!
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