At least another 100 pips move possible to the downside.
When most of the other pairs are exhibiting USD strength,this one is actually presenting an opportunity to those who want to short USD.A run toward 116.09 is highly possible as USD strength across the board could do nothing to this pair in last few days after it broke below the triangle.Sellers will probably wait at least another 100 pips to start taking profits.On the other hand,buyers still probably do not have enough reason to jump in front of the speeding train.I have taken a short trade @177.70.best case scenario-EURUSD will resume downtrend and so will USDJPY. Worst case scenario-this two trades will offset one another.Update will be posted.
Related publications
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.