Downwards channel intact, bear drops accelerating. Recent heads & shoulders pattern failed to deliver, but no bull market emerged. The current minor correction will fail this week as US economic fundamentals are far stronger than the Euro zone. I'm watching for a bearish pin bar on Monday or Tuesday with price failing to pierce 1.120200 and preferable breaching key support at 1.18600. This will setup an entry as key resistance at 1.18600 fails in the next 7 days and we look to challenge 1.16000.
Comment:
Monday gave us a bearish pin bar signal on decent volume, EURUSD heading back into the box soon. Low risk short entry point for anyone interested in an early short entry just above the box with good R/R.
Comment:
Into the box we go. 1.18600 broken and now turns into key resistance level. Overnight I expect a recovery and new lows tomorrow. Good trade entry point with reasonable stop. Good R/R to challenge back to 1.16 get on board and hold on.
Trade active:
Overnight retracement took place (still inside the box) then a nice bearish pin bar on the hourly chart - now the decline has re-started. Looking for aggressive move down today towards 1.17400 as confirmation.
New short @ 1.18580 with a comfortable stop
New short @ 1.18580 with a comfortable stop
Comment:
About to lose a key support on the hourly. Let's see if today brings a breakdown or sideways movement.
Comment:
Is the overnight attack the start of something bigger? Prices retraced right to key support of 1.18750 then aggressively reversed on good volume at 3am. Smells like banksters trying to trap and catch any bull stops.
Comment:
Prices continued to slide overnight, what happens at NY open will be critical and I expect prices to continue to decline, preferable accelerating right past 1.18
Comment:
Here we go....
Trade closed: stop reached:
decline failed, trend reversed back into the neutral zone. Damn Romulans
