"Examining the Potential Downturn of the Euro in Late 2023"**
I'm presently evaluating the likelihood of a further decline in the Euro's value as we approach the final quarter of 2023. A comprehensive analysis of historical data spanning the past two decades reveals a bearish trend for the Euro in the month of October.
To anticipate a substantial downward movement, it is imperative for the Euro to secure a weekly closing below the critical support level of 1.06347 on the candlestick chart. Achieving this milestone could potentially set the stage for the Euro to revisit the 1.02 threshold.
In the upcoming week, I anticipate our trajectory to align closely with my swing targets, particularly centered around 1.05156, which correlates with the low recorded in March 2023. However, a note of caution is warranted as this week encompasses the release of the FOMC meeting minutes, which may necessitate adjustments to our trading strategy. There is a possibility of witnessing a retracement in the Euro's value before the FOMC announcement. Nonetheless, I remain vigilant, and my trigger for action is defined by preventing the Euro from closing a daily candle above 1.07493. In the event of breaching this level, I would reassess the #EURUSD. For the upcoming week, I would consider short positions once more, contingent upon confirmation from lower timeframes, especially the hourly or 15-minute charts.
At this juncture, I am refraining from initiating any new swing positions because I believe we have moved beyond the phase where favorable risk-to-reward entry opportunities were readily available.
To anticipate a substantial downward movement, it is imperative for the Euro to secure a weekly closing below the critical support level of 1.06347 on the candlestick chart. Achieving this milestone could potentially set the stage for the Euro to revisit the 1.02 threshold.
In the upcoming week, I anticipate our trajectory to align closely with my swing targets, particularly centered around 1.05156, which correlates with the low recorded in March 2023. However, a note of caution is warranted as this week encompasses the release of the FOMC meeting minutes, which may necessitate adjustments to our trading strategy. There is a possibility of witnessing a retracement in the Euro's value before the FOMC announcement. Nonetheless, I remain vigilant, and my trigger for action is defined by preventing the Euro from closing a daily candle above 1.07493. In the event of breaching this level, I would reassess the #EURUSD. For the upcoming week, I would consider short positions once more, contingent upon confirmation from lower timeframes, especially the hourly or 15-minute charts.
At this juncture, I am refraining from initiating any new swing positions because I believe we have moved beyond the phase where favorable risk-to-reward entry opportunities were readily available.
Comment:
The market is currently trading in proximity to my area of interest, but I am patiently awaiting the London session to witness a promising break of structure on a lower time frame before considering a selling opportunity.
Trade active:
lets see how it go today
Comment:
So far, everything is proceeding as anticipated. Let's observe how the FOMC (Federal Open Market Committee) performs. During the FOMC's new release, I will continue to closely monitor the lower time frames to adjust my stoploss
Comment:
stick stop siting at1.07493 fomc any thing can happen bt am already taken heavy partial last week
Comment:
My stop loss, which was set at 1.07493, fortunately wasn't triggered during the FOMC on swing entry. Now that the price has retraced to the previous week's low, I'm offloading more secured a position is almost 90%
Trade closed: target reached:
the weekly candle didn't close the way i want to see so in my opinion we are going in sideways then eventually to final target bt now am no more interested in it. it already give me nice run of 130 pips
Trade closed: target reached
