EURUSD Meltdown
Updated
After the huge surge upwards breaking the downtrend, this stopped out a lot of traders in the sell positions, as well as wiping out buyers who were trading the breakout when it came back down. This move can only mean that the banks have accumulated their positions.
Now that price is sitting above the blue level, this may entice people to buy the bounce, but this will only mean more money for them when they take their SL. This doesn't mean that it can't go up first - they could take it to the trendline, etc. but I am looking for the breakdown first. Or maybe I might just sell now, who knows. TP is to the low on the monthly timeframe.
Now that price is sitting above the blue level, this may entice people to buy the bounce, but this will only mean more money for them when they take their SL. This doesn't mean that it can't go up first - they could take it to the trendline, etc. but I am looking for the breakdown first. Or maybe I might just sell now, who knows. TP is to the low on the monthly timeframe.
Note
WeeklyMonthly
Break and re-test on 4H indicating that it is still bearish
Note
Break and re-test visible on Daily
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