WILL THE EURUSD TAKE OUT THE MISSED YEARLY PIVOT 2003 @0.9854?
Although a lot of traders are indicating upcoming bullish movement into the EURUSD, my technical analysis indicates a continuation of bearish movement.
If we look at the Monthly chart of the EURUSD, we can observe two important issues in the chart.
1st. Price is still moving into FIBONACCI extension direction to take out the 161.8% @1.00376
2nd. We also observe a missed yearly pivot of 2003 @ 0.95840
Although the Dollar starts struggling and shows possible downwards movement, this technical analysis shows that the bearish movement in the EURUSD has not finished yet.
Between the Fibonacci 161.8 level and the missed yearly pivot only differs 183 pips!
Between actual price level and missed pivot differs 1016 pips.
Price moves in waves, so on daily charts we obviously will see up and down movements in price, but on the bigger picture we keep continuation of the bearish trend before we really can talk about turning north.
Let see what future will bring us.
If we look at the Monthly chart of the EURUSD, we can observe two important issues in the chart.
1st. Price is still moving into FIBONACCI extension direction to take out the 161.8% @1.00376
2nd. We also observe a missed yearly pivot of 2003 @ 0.95840
Although the Dollar starts struggling and shows possible downwards movement, this technical analysis shows that the bearish movement in the EURUSD has not finished yet.
Between the Fibonacci 161.8 level and the missed yearly pivot only differs 183 pips!
Between actual price level and missed pivot differs 1016 pips.
Price moves in waves, so on daily charts we obviously will see up and down movements in price, but on the bigger picture we keep continuation of the bearish trend before we really can talk about turning north.
Let see what future will bring us.
Trade active:
First missed pivot is reached.
Comment:
msgs before is incorrect. Wrong pair. ;))