Price reached a new high in the last two years, just one day after the last new high. It is very far away from its short-term ascending support line, not to mention its long-term ascending support line. I expect it to at least fall to its temporary ascending support line which creates a good shorting opportunity. If by some miracle it decides to break this support...
I have circled the support and resistance in this pair. This our WEEKLY chart. That long wick is an indication of a correction! The 38.2% is my TP on a SHORT. If it continues, we're looking at 50% next. If THAT continues down, we're looking at 68% as a 3rd TP. Watch to see what happens in the coming days.
OANDA:EURUSD Hi Guys, This setup is my own expectation of EUR/USD price action up til December 2017. Total Direct bearish action: 750 Pips Total indirect bullish/bearish action: 3000 Pips 1st Impulsive bearish wave: From 1.09400 to 1.06600-SHORT 2nd Impulsive bullish wave: From 1.06600 to 1.09200-LONG 3rd Impulsive bearish wave: From 1.09200 to...
As long as price don't break resistance we can expect possible new bearish wave. If fundamentals that are bullish don't bring us above 1,10 we are expecting our old bearish targets based on fibo levels and support levels. If price menage to change fundamental uptrend we also expect that price will fulfill GAP.
This Batman call is the entry reason to short this pair, a decent enough trade with small losses and big profit
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Entry level wasn't ideal, but I'm in at 1.07642. Stop Loss/Limit = 1.09130/1.06276.
I'm mostly on wait-and-see-mode with this trade, but there's opportunity for large, longterm profits in EU. I'm looking at this inverse head and shoulders pattern/symmetrical triangle. Here are two scenarios I'll be tracking if/when the price hits the 1.07940 area: 1) Inverse head and shoulders neckline is broken. In this case, we are in for a longterm uptrend...