Not the prettiest daily candle, let's keep the drinks in ice for a New Years party.
Admittedly some concern for bulls but fear not bulls are on the way.
Hopefully this thing has some legs to it.
Playing the consolidation zone for a trade idea, hopefully bulls win. :)
Nice back test of yesterday break down from consolidation area. Who knows what kind of action we get on a Friday, but headed down me thinks.
This is a guess which is as good as any indicator out there.
Take it slow at first but I believe bulls will defend ahead of 120. Nice ABC down correction possibly complete with new highs coming. Not so sure about that but remember even the bounces with EU go much higher than people think they will. Talk will shift to Draghi in June and possible tightening.
Sell the retrace level, tighten the stop as we go. Anticipate spikes to 1.2420.
Month end, quarter end. Don't know where we go but here's an idea. Probably can wait until Monday to enter though. Already short based on my earlier idea.
Never be surprised by a spike to 124 but downside is more likely. Selling around here has paid off twice already this week.
Can easily see EU going above 124 this week, but 122 also has some pull.
Tracking basic ABC pattern to 11920/40. Looking for a positive drift prior to ECB meeting next week. Re-evaluate then.
Get ready to reverse the whole FOMC reaction and then some.
Since the swing from a week prior to Jackson Hole. Next week could spring the euro to new highs. Targets 122 and higher.
Good spot for UJ bulls to enter for 111. Whether or not you should be bullish on UJ is a decision you have to make yourself.