Good Morning
I have have been watching this chart for the last 19 months and just can't wrap my head around the size of the gap on a Weekly chart.
The overall formation is corrective, but according to what I look at there seems to now be every chance that correction will look to do a 99% retracement.
This view is based on the last part of the formation as seen in the blue square as not being a bottom formation and although it could trade higher I would look to sell a rally in the Euro, with a stop loss over $1.1410 and look for the gap to close.
At current levels, this bet does not have a great RR, that why a move to the $1.1250 and over would be an awesome place to sell.
If we miss that opportunity we will have to wait patiently to buy the Euro as I feel there a much larger Euro Bull at play once the correction is over.
This is one to keep on the radar over the next 17 months!
I hope you are all having a cracking day.
Giancarlo
I have have been watching this chart for the last 19 months and just can't wrap my head around the size of the gap on a Weekly chart.
The overall formation is corrective, but according to what I look at there seems to now be every chance that correction will look to do a 99% retracement.
This view is based on the last part of the formation as seen in the blue square as not being a bottom formation and although it could trade higher I would look to sell a rally in the Euro, with a stop loss over $1.1410 and look for the gap to close.
At current levels, this bet does not have a great RR, that why a move to the $1.1250 and over would be an awesome place to sell.
If we miss that opportunity we will have to wait patiently to buy the Euro as I feel there a much larger Euro Bull at play once the correction is over.
This is one to keep on the radar over the next 17 months!
I hope you are all having a cracking day.
Giancarlo
Trade active:
We could well be in for some decent Dollar strength over the next 2 weeks.
Trade active:
The price traded just shy of our sell level at $1.1250 and for those that are short, I would stay short as I still feel that the chart will close the gap!
Trade closed: target reached:
After a decent short the gap of 2017 has finally been closed!
Well done to all!
Now we wait to buy into Euro weakness!
Well done to all!
Now we wait to buy into Euro weakness!