Following the indicator
Trade active
Comment:
Still in play
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we will have to wait tomorrow to see the market moves
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sleep
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During the weekend there will be bigger traders looking for entries. Monday and Tuesday news will bring the change. Until then sleep ;=)
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SL set to 1.10670
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TP set to 1.11920
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There's again weakness in sight. Many are looking to this bottom. But I do not really expect much of it atm. Investors want to see results.
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Alternatives / Speculations
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Monday hesitations will probably continue waiting for the EU news. The US news can push the EURUSD a little bit lower but should this should be well contained around 1,1100. Tuesday, will depend on the EU news. There is a high probability to see strong moves. A reversal up is likely here. If the news is positive we may finally see EU go up. Bad news can push the EURUSD more down, maybe after a falls break to the upside. With positive news above 1,1200 / 1,1216 will open the way to the 1,1300 levels. But even with good news this strong move to the upside can be moderated and the market can continue to falter there during the coming weeks. Although if the sentiment is with the bulls this can maybe continue for surprising higher levels. After bad news I expect the EURUSD will just continue it's progression down as we can see on the weekly chart.
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The bad thing here is if we do not close above the 1,1216 + with good indications for a trend continuation we will end next week with a bullish engulfing on the weekly chart and this is in my opinion not a good thing. This suggests that the H&S where some bears are looking at is likely to come out.
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Talking about the H&S. In my opinion this is not a H&S. We had previously the a smaller one as well which came not out.
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Based on what I see in my multiple stochastics. I see only bearish signs on all major charts. We can only see bullish divergence with some indicators. So I suggest a little move down to retest the 1,1100. Then, depending on this EU news we will see if its good or bad for the next days.
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Things can go completely wrong for EU even after a rate cut just because of the Brexit which can push the EUR globally down. I do not talk about the effects it will have on the pound. But considering this .... here is what I think is possible
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On the positive side, if the euro is holding against the Brexit fear, the upside is like I suggested (see screenshots above).
Trade closed manually:
I prefer close this long trade for now because of the downward risks and waiting for a new buy signal.
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-14 pips