Did take the first profit on the short I published on May 26. I moved my stop loss a bit and adjusted the Harmonic pattern to a Daily Chart to have a clearer view. Frankly, I am skeptical of hitting the 357 ish target, But I want to stick to this TA as much as possible. Will partially take profit along the way. the ECB on Thursday is what I'm looking forward to.
The market as we expected went to retest the dynamic trend line of the channel on the 4h timeframe.
On the fundamental side we have a strong euro but the price seem to push further down to get back inside the channel.
At the moment the market is ranging between the 2 resistance zone therefore there are 2 possible scenarios:
- If the market will break above the...
EURHUF another descending wave sequence. The current analysis shows that the exchange rate may build another descending fractal sequence (yellow square). It can also be seen that the angle behind the ATR decrease is currently (-66 °), while the previous fractal (-37 °) suggests that the "slope of the decline" will be faster. The target price is still waiting around 320HUF.
EURHUF further decline. TP $ 76.00 Hungarian Forint May Start Strengthening Again According to my technical theory, the exchange rate crossed two more powerful levels. At the intersection of the two moving average levels, the exchange built a fractal. The fractal built on the moving average curve (MA100) below is twice the size of the fractal built on the previous...
The analysis indicates that we have examined the ratio of the last two correction waves. It can be seen that the amplitude of the second wave is half that of the preceding rising correction wave. This tells us that, due to the rules of the fractals, the size of the decreasing main wave that will be formed will be twice that of the preceding decreasing wave...
Target price 322.11 In the analysis, I applied two rules at the same time. The fractal rules tell me that the second correction of the exchange rate is half the size of the previous fractal. In the present case, this may mean that the fractal size of the resulting response is doubled. This can be confirmed by the second rule. Currently, exchange rates move...
I think the Hungarian Forint strengthening against Euro, and the price is at very high level, so this is a good entry for open short positions on EUR/HUF pair
As per LBLS Indicator and Volume the bull move is near the resistance price will fall back to .382 levels.
Target can be 319.848
Stop 320.349
Strength meters shows weak strength on the bull side and short strength meters are forming now.
There is no European city that offers the lowest cost of living and a modern lifestyle in a beautiful environment with historical monuments as uniquely as Budapest. A weak Forint supports tourism, although maybe the less sustainable cheap-tourism, and with an all-time EURHUF-high of 331,78 in summer 2018 it may have reached a point for a retrace. Although...
This pair is overbought, failed to break the 322 resistance 2 times, maybe a head and shoulders pattern so good position for sell.
This is just for education, not an invest advice.
