FOMC WEEKLY PLAN - QUICK SHORT - LONG EURUSD
It's been a very interesting week for the global currency
DXY
DXY
Comment:
Be patient with this one and do not dive in, we are not missing out on this trade if it moves north before FOMC, wait for the deep pullback and the correct signal at support
Comment:
I wasn't expecting this pullback into 1.21 to happen until tomorrow and I'm still expecting to go much deeper down to 1.2, if we broke below that and the bears sell through that with some strength on a daily, then we'll be looking at a potential trend change, but right now that is not the case, we remain bullish until the charts tell us otherwise.
Trade closed: target reached:
My quick short has been reached, now waiting on support confirmation to trade the long....
Comment:
Obviously, this and all other assets moved much more than was expected post FOMC meeting, and it was an overreaction if you ask me, so now is the time to wait for price action triggers to confirm support and resistance areas, focus on the weekly, daily charts and only go below to 4H and 1h to confirm those areas.
Comment:
I'm not trading the EUR as a buyer until we hold support at 1.2, ver long term the Euro has declined so we may now see that continue, important to watch the chart and wait for signals and not trade what we feel but the facts
Comment:
It's no longer looking like a quick short, Head and Shoulder pattern forming on the daily chart.
