So moving forward from last week my 1st target has been hit.
News came out on Greece in which they have an extension for the payment owed which the extension is now 4 months instead of 6 months causing a strengthening in the euro vs usd.
on the charts last week we saw a push upside to which hit my target 1 as they say technicals don't lie. Now on my technicals i can see a potential head & shoulders pattern forming in which could cause price to break to my downside target(s). However price is currently sitting above the channel and i honestly believe theres still more room for buyers to my upside target 2 around 1.14 mark. one thing i will say is i don't know how Greece is going to pay this €300+ billion owed but from end of June onwards we should see the impact on euro and it may crash unless they come through somehow. if we see a clean break and close above the c.t.l on the daily TF that could enable to go long to my upside target. lets see what happens.
News came out on Greece in which they have an extension for the payment owed which the extension is now 4 months instead of 6 months causing a strengthening in the euro vs usd.
on the charts last week we saw a push upside to which hit my target 1 as they say technicals don't lie. Now on my technicals i can see a potential head & shoulders pattern forming in which could cause price to break to my downside target(s). However price is currently sitting above the channel and i honestly believe theres still more room for buyers to my upside target 2 around 1.14 mark. one thing i will say is i don't know how Greece is going to pay this €300+ billion owed but from end of June onwards we should see the impact on euro and it may crash unless they come through somehow. if we see a clean break and close above the c.t.l on the daily TF that could enable to go long to my upside target. lets see what happens.
