USDEUR: Longer term chart showing head and shoulders formation and likely medium term downside target at 0.8803
USDEUR: Dollar is holding up off the lows but still vulnerable whilst trapped within the down-wave. Either it breaks out and should be followed or it breaks down and should be followed. No decision to make. Not overbought now or oversold...so follow the move when it comes...
USDEUR: The dollar has further to fall against the Euro but is a little oversold. Use any rally early this week to get short again if not already.
Hold it steady long, for 5 years? Hm, why not, juicy Risk/Reward ratio
FIRST TARGET =1.065 previous structure, resistance level, top of the channel RSI - overbought as for fundamentals/news noise: ISIS/russia will still push for Marine Le Pen = more terror acts are expected Marine Le Pen might win = big push down for EUR (0.85-0.9)
Closing here unstable market or probably consolidation. Thank you I made some good money.
Seems to me that it is time to break the channel up. First target is the re-test. Thank you!
Often a simple 1Day view really clears the mud.
Split your position size in equal sized parts, and enter longs gradually against the Euro. The EURUSD pair is the one most people trade, so, it'd be an EURUSD short, but I wanted to show people how the uptrend in the dollar/euro cross looks to prevent biases. We have 5 days without a new high, and a new low under the previous 3 days' range. This is a good excuse...
Its been in a consolidation for about a week (Due to the holidays), if it breaks on the downside prepare for a sell but keep an eye for any fake breakouts. When I activate my trade. I will hold unto this position till around the 78.6% ( 0.9396 ) Fibonacci mark and leave my SL around a few pips above the consolidation pattern.
Implies a sharp rise in $EURUSD next year.
We can see a strong resistance around 1.5200 and also a negative trendline. Befor we go long we need to wait untill both strong resistance are broken. If not we will sell the pullback. trade with patience
Euro should drift toward and eventually past parity with USD. Any short term bounces should be sold unless and until 112.996 is broken on the weekly chart. If it bounces from here (which it could) it should meet with more resistance near the 1.0757 declining 9 wk MA and then the 1.1041 declining 30 wk MA. Fundamental reasons include: ECB extension of QE...