Erfan.Parvini
Long

Will we ever see EUR/USD Rising again?

FX:EURUSD   Euro Fx/U.S. Dollar
2371 8 11
After bulls were devastated by ECB, FOMC, and NFP, everybody is like now what??!! Well, market is currently in a strong massive downtrend that broke the strong support levels at 1.11136 and 1.08717. But I think we will see an end to this pretty soon around 1.06000 and we will see a bounce back at least to the previous structure levels. Here are my reasons: 1-Completion of our advanced patterns 2- Structure level of 1.05602 3- Support of the previously broken daily trend line 4- We will most likely see an extremely OS RSI by that time 5- 1.06000 is a psychological number.
As I previously mentioned, we are in a current massive downtrend. For being on the safe side, I recommend to wait for a doji candle or a double bottom and RSI divergent at that level before getting involved into any trade.
PLEASE note that all these are technical analysis , and ECB and Fed's decision for increasing the interest rate in December could completely change everything. Good Luck!
Comment: Target 1 achieved +300 pips.
Trade closed: target reached: I'm not involved in this trade anymore, obviously, but we did in fact hit the second targets for 600+ PIPS.
advanced pattern is cypher pattern?
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Erfan.Parvini gladtoseeu
Correct!
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that has nothing in common with FED ,news and other things like that . Levels work in some order and nothing can change that .
This market is made like that , to move ..thats all what matters .. Everything is Support and resistance ..but not meny people knows where they are ..

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Support and resistance levels are important, but fundamentals can ruin technicals sometimes as we saw in the break of the whole overall bullish trend and key support levels of 1.11136 and 1.08717. What I'm saying is being aware of fundamentals before getting involved into any trade. Also, since there is no certainty in the market, I think it is more beneficial to be prepared for all the possible scenarios my friend. :)
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stream Erfan.Parvini
Always ready !!!
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That's all I'm saying :) Good Luck !
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H4 has a nice dojji fromed in green :)
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Well, I meant doji candle at 1.0600 where the support and pattern completion level is. :)
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