IDEA 18: EUR/USD short still in play
Hello Traders. This is a follow up to IDEA 18.
www.tradingview.com/chart/gD8YGqEa/
The massive daily doji candle up to 1.0888 makes perfect sense. It retested the 1/24/24 and 1/26/24 daily closes and did not retest the 1.0897 daily close of 1/19/24.
I am still short and on the weekly chart, one can see the power of the Fibonacci extension in play. The weekly close is just below the 0.382% level. On the downside I would definitely reassess my short at the 1.0615-1.0489 level on the Fibonacci extension. However, the weekly close is still above the uptrend line...
So, still short EUR/USD. This is yet another confirmation of the bearish trend, especially after the contraction in the European powerhouse, Germany's GDP from -0.2 to -0.3% was confirmed last night.
The uptrend 2h line was broken and closed below.
The weekly doji candle also touched the weekly MA 10 before reversing and closing below the weekly MA 50 and the EMA 9/26
https://www.tradingview.com/chart/gD8YGqEa/
www.tradingview.com/chart/gD8YGqEa/
The massive daily doji candle up to 1.0888 makes perfect sense. It retested the 1/24/24 and 1/26/24 daily closes and did not retest the 1.0897 daily close of 1/19/24.
I am still short and on the weekly chart, one can see the power of the Fibonacci extension in play. The weekly close is just below the 0.382% level. On the downside I would definitely reassess my short at the 1.0615-1.0489 level on the Fibonacci extension. However, the weekly close is still above the uptrend line...
So, still short EUR/USD. This is yet another confirmation of the bearish trend, especially after the contraction in the European powerhouse, Germany's GDP from -0.2 to -0.3% was confirmed last night.
The uptrend 2h line was broken and closed below.
The weekly doji candle also touched the weekly MA 10 before reversing and closing below the weekly MA 50 and the EMA 9/26
https://www.tradingview.com/chart/gD8YGqEa/
Trade active:
The current daily high 1.0857 is right at the 0.23% level of the Trend-based Fib extension. The most recent swing high has also closed below the 0.38% level of 1.1113
www.tradingview.com/chart/bAntZ3Lx/
www.tradingview.com/chart/bAntZ3Lx/
Trade closed manually:
I have closed both short positions from 1.0790 and 1.0880. I made some profit due to the bigger position size at 1.0880.
EUR/USD is firmly above all the MA's and is on track to close above the two 1.0838 daily highs after finding support at 1.0832 which was the daily close breakout to the upside. USD GDP and PCE on tap and Eurozone CPI on Friday. Tread lightly this week.
EUR/USD is firmly above all the MA's and is on track to close above the two 1.0838 daily highs after finding support at 1.0832 which was the daily close breakout to the upside. USD GDP and PCE on tap and Eurozone CPI on Friday. Tread lightly this week.