EURUSD - Daily Short - 9/13

Good Morning Everyone,

Update to the Pending EURUSD Short

EURUSD confirmed on the daily a break of the lower support of an Ascending Wedge that was being monitored. After a False Break the support had to be redrawn and allowed bulls to give a shot. The market quickly snuffed out the bulls and bears absolutely dominated the last half of the Tuesday's trading day.

Short at Market - keeping eyes on a target around 1.17, will re-evaluate if need be.

Due to circumstances surrounding this entry I believe the retest confirmation entry will be limited to the 1.1925 area. Do not expect an opportunity near 1.1950.

Trade Safe!

Comment:

Just wanted to update you all, this trade is still very much alive. Further confirmed my the previous support holding as a resistance Friday, in addition to the bullish strength gained during Friday's trade session lots due to North Korea's disturbance has been broken.

Bears are in control of the market - it's just a little bit sloppy because of missiles being launched in other parts of the world.

Need additional confirmation? Check out the daily at close today.

Comment:

Comment:

Market is waiting on FOMC Wednesday - See updated structure. Breakout is pending.

My personal bias remains to the downside - but I can see it going either way. Be extremely weary of any break before the FOMC, to the upside or downside. The market is waiting for that meeting.

Trade closed: target reached:

We're in the target zone! It took a little longer than expected to see things get going, but overall a fairly direct trade. I'll be flat on EUR/USD for the moment. I have no thoughts on it's next major move at the moment.