In September, I had a bearish outlook for the Euro and successfully traded it, yielding over 250 pips in a month. The trade also provided numerous short-scalping opportunities as the Euro approached my higher timeframe target.
October Euro outlook
I still lean towards a bearish outlook for the Euro in October. I anticipate that the Euro may continue its downward movement and potentially reach the 2023 yearly low at 1.05140, with a monthly liquidity draw level at 1.03930 in mind.
Dollar Index (DXY) and Euro correlation
I have noticed that the Dollar Index (DXY) is currently trading in a sellside imbalance buyside inefficiency (SIBI) pattern from November 2022, and the Euro seems to be trailing behind. This suggests that if the Dollar continues its upward trend, the Euro may also continue its downward trend.
Potential consolidation
I also believe that after such a rapid descent in the Euro, the market may experience some consolidation. This means that the price of the Euro may move sideways or within a narrow range for a period of time before continuing its downward trend.
My trading plan
In light of my analysis, I am staying on the sidelines when it comes to the Euro for now. I will wait to see how the market unfolds in October and how the probabilities play out before making any trading decisions.
Comment
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📈 Nailed it in just 2 days! 🔮 Euro's yearly low was my recent target, and guess what? 🎯 Euro has already hit that mark! 🙌💶💥 Stay informed and make strategic moves in the world of finance. 💼💰 #Eu #forex #success
Your insights underscore the significance of market retracements.
Crypto_Byte9
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@TheFxAce, retracement is due cant ignore the fact, it just my thought it would be better market takes out sellside more or consolidate here till mid of october then we can expect retracement or bullish move