Dear traders,
The market reaction from today was surprising for some of the traders who would have expected that after the Fed decision of rate hike, the USD was supposed to gain value.
Probably it was just the Technical analisse winning against the Fundamental one.
As you can see in my daily chart, i had identify 2 Bearish patterns, a Cypher and a Butterfly, but also a AB=CD pattern. Maybe i have broken some rules with the Cypher by ignoring the spike of the day when Trump was elected, but i will assume that.
There are 3 D legs meeting in that selling area ( probably a little wider ) but what makes that area very interesting is that is created between 2 strong resistance levels( you can zoom yourself and check)
I am tented to believe that for the next 2 to 4 weeks maybe, the Euro will rise to that level so that it can fall again agains USD.
The market reaction from today was surprising for some of the traders who would have expected that after the Fed decision of rate hike, the USD was supposed to gain value.
Probably it was just the Technical analisse winning against the Fundamental one.
As you can see in my daily chart, i had identify 2 Bearish patterns, a Cypher and a Butterfly, but also a AB=CD pattern. Maybe i have broken some rules with the Cypher by ignoring the spike of the day when Trump was elected, but i will assume that.
There are 3 D legs meeting in that selling area ( probably a little wider ) but what makes that area very interesting is that is created between 2 strong resistance levels( you can zoom yourself and check)
I am tented to believe that for the next 2 to 4 weeks maybe, the Euro will rise to that level so that it can fall again agains USD.