EURO/USD at important junction
Updated
This pair is showing the possibility of a weekly flat which price has just hit the lower entry point. If price bounces off the 4 hour trend line look for one more bounce up. There will be good potential for a 1 hour shorting opportunity 1.16 - 1.18 mark. That should be its last upward thrust for a while.
I am watching carefully for a break of the trend line with a consolidation and then further downward movement pressuring the lows of last spring and possibly lower.
If this is indeed a weekly flat to the downside look for further weakening of the Euro to the .90 area.
I am watching carefully for a break of the trend line with a consolidation and then further downward movement pressuring the lows of last spring and possibly lower.
If this is indeed a weekly flat to the downside look for further weakening of the Euro to the .90 area.
Note
We have tagged the TL now lets see what price action will give us. A break below and consolidation and this will be a very good short for the mid and long term.Note
Here is how you should have traded this move.You also have the ability to add to your trade after every small pull back but I usually don't add much to trades unless they give me a lot of strong signals.Note. If you entered this trade and just forgot about it you have weathered a few storms and are still n it at an even greater profit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.