As we discussed in our previous post EURO seems to be topping out as CANADIAN DOLLAR remains dominant against a number of currencies. Looking for further downside to come in this market. If price can continue to the downside and break the support level of 1.4444 this market has significant room to the downside.
Traders we have been watching EURUSD for a while as it struggles to break above its previous highs and is sitting within a weekly resistance zone. We are looking for a break below the daily lows for opportunities for a short position. Weekly chart suggests a weekly retracement could be playing out.
FOMC last week stated they expect to hike rates 1 more time this ...
At the 240M the second shoulder is about to form. Looks like price will form a candlestick pattern on the 240M which is a Double Top on the 60M.
Shorting the second shoulder for a "neck break"
Going long in support until the rebound to the neck then
Short trend continuation
There is nothing new under the sun.
On the weekly this pair is currently in a downtrend. Price is resting at a critical resistance level. The will tell if either:
- the 382 holds, hence the pice forms a double top and then continues its downtrend or
- the price will form a complex pullback in form of an ABCD pattern and hence provides an even better short entry ...