After taking a good entry short, my trailing stop took me out with some nice profits. I am wanting to get back into this trade and spent the morning looking at the other time frames.
Weekly = OverBought
Daily = Just coming from above the OverBought zone
4Hr = close of last candle below a big support level of 1.81440
1Hr = Might see pullback to 1.8230 as high...
Next key level 1.91095 - retracement support from the crazy spike. Not sure how valid it will be??
Happy for comments and to share ideas. This could be a big trade down, once the Euro finally gives in.
Moving from the UK and now living in France, this is a pair that has some impact on the cost of living. 5 years back when €1 was 75p now up around the 90's. Looking at what is happening in Spain, Germany and of course France right now. It is only a matter of time before the Euro reacts.
Beyond that, looking at the charts - there was some strong resistance near...