Dear Traders, There are several reasons, indicating that EURUSD is going to have a downtrend to 1.1513. The first reason: The U.S. dollar index is in wave B and it will move to 95.22 and in completely match with trendline. The second reason: The frequencies in EURUSD and Dollar index are showing trend change. The third reason: Divergence in H4 for dollar index and EURUSD. The fourth reason: Based on Elliott wave theory EURUSD and dollar index are completed their waves. The fifth reason: Order flow already for downtrend on sell position orders and indicating a trend change. I will take a sell position at rate: 1.1828 and hold it until 1.1513. Good luck and have a nice day FireXForex team
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H4 didn't close around 1.1828 and closed at rate 1.1840. I will wait for the next opportunity
I think the bull still is winning. We have to look from the previous very long bottom wick yesterday meaning the market still semi bullish. I think it will hit 1.19-1.20 max then a true reversal! Also considering U.S LOW gdp, stimulus that will make HUGE unemployment because it is better than working (getting $600 a week), RISING covid, upcoming election. The market is still UP for some days! The market still wants UP!
FireXForex
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@samuelerics36, That's right, but there are some reasons on price which indicating a shortterm downtrend.