I have laid out an idea regarding the EURUSD, my eyes say a resistance area for the USD index, but my gut is going with more downside on the pair - at least to a break even situation. I see this Bearish Flag on the 1 hour chart, a retracement to the 50% Fib level settling price into the 34,55 EMA's. One can use the length of the "flag-pole" to project out the price target area to start covering your position. I've set out a 2:1 position and it's just before the 5th Support pivot! Let's see how this rolls out, 1% risk 2:1RR - Happy Trading!
Trade active:
I am in this trade, The pivots have changed since my analysis, just an FYI
Trade active:
We have had a break of the flag to the downside, a retest of that channel aka flag, and a nice rejection. This is also where price is struggling to break and close the 50% Fib area. I would also consider this a double top on the 1Hour, all the while MACD is showing divergence. This trade is sizing up nicely! But, as we know trading can change at any minute. Potential ripples in the news event at 8pm EST tonight. - Happy trading!
Trade closed: stop reached:
I was wrong
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.