We still have a strong downward trend on the EURUSD and with a bullish trump speech i believe we are going to reach January resistance level 1.047
over the last few weeks we have seen a lot of buyers at 1.05 so this is an area you will need to be careful of and i will be looking to take partial profit here as i have been in since 1.065.
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Update on this pair. The market has been accurate to my predictions. I'm looking to go short when price bounces off the trendline until just after the previous lower low.
long story short, i'm going to buy the euro if the actual candle will close engulfing. Price is up against a former daily structure level and the Rsi is showing us an oversold condition, right at the 618 fibonacci level.
Stops below the lows, target1 at roughly 1,25:1 RR, target2 at the retest of the highs.
I'll keep you updated.
If you have any...
End of elliot wave formation, trend is going to reverse (short term) heading down to lower fib retracement 78.6%.
Technical analysis can be confirmed by fundamental analysis if there are no surprise with the USD ISM and USD FOMC rate decisions.
Difficult to gauge sentiment with the political and economic instability in the US and the EU, albeit less so in the latter.
The pair hit a year high last week of approx 1.075-1.077. There was 4 touches of this high which quickly retraced. Currently, the pair is in a consolidation phase and waiting for breakout. If the the loosely drawn, ascending triangle holds...