BUY -- Contrarian View : EURUSD breaks to a new 2018 low
Contrarian view NOTE: this is like playing with fire so handle with care:
EUR/USD -0.58% bears are now looking at the 1.3000 figure and 1.1178 June 27, 2017 low. The bear momentum is strong as they are in full control. 1.3000 target seems to be inevitable and after that its FREE FALL to PARITY if we get there but for now let's trade or make some money.
Trend: Bearish
Resistance 1: 1.1365 August 13 low
Resistance 2: 1.1432 supply/demand level
Resistance 3: 1.1483 intraday swing high (August 10)
Resistance 4: 1.1508 June 8 low
Resistance 5: 1.1527 June 28 low
Resistance 6: 1.1571-1.1581 area, August 6 high and August 2 low
Resistance 7: 1.1600-1.1620 area, figure and July 27 low
Resistance 8: 1.1640-1.1649 area, key level and July 12 low
Resistance 9: 1.1672 June 27 high
Support 1: 1.1300 figure
Support 2: 1.2000 figure
Support 3: 1.1178 June 27, 2017 low.
Once the EURUSD gets some stability from the free fall of more than 213 Pips from 1.1550 to 1.1337 then we squeeze some quick relief rally . At this point , Everything seem extremely oversold and i am of the view that even though the MAJOR trend is Bearish we need some pressure release for the bearish trend to continue .
The Dollar is strong and well supported. Due to fears in the emerging markets Argentina , Turkey and the spoiled brat called " ITALY " There is capital flows from EM markets into the US Dollars and that's fueling DXY 0.33% exponential rise.
Look for EURUSD lack of trend strength before entry . AT this point , i am in the waiting mode looking for a better entry
Long-Term Trade: BUY ( Major Large banks still have the view of EURUSD ending the year around 1.2000s and they are usually correct and we retail traders are 90% usually wrong )
Possible Entry points : 1.1250 to 1.1339
Possible Exits points: 1:1640 to 1.1672
Risk: Extremely High -- you are going against the Major strong bearish Trend -- ITALY is still another EURO risk still waiting to happen
Rewards : Great if the markets did overreact due to contagion. WARNING: Otherwise your pants will be on fire
Reference: Recall Greece, Italy , Spain, and now Argentina and Turkey every time the market overreacts and usually decimates the EURO but then it stages a remarkable recovery . Not sure if this time is different . Turkey's issues are more localized apart from 3 banks that are very small and won't really affect the markets in any meaningful way. Argentina is under IMF regulations and program now . Spoiled Brat " ITALY " is still fiddling with its budget
Good Hunting --- AMIGOS!!!!!
EUR/USD -0.58% bears are now looking at the 1.3000 figure and 1.1178 June 27, 2017 low. The bear momentum is strong as they are in full control. 1.3000 target seems to be inevitable and after that its FREE FALL to PARITY if we get there but for now let's trade or make some money.
Trend: Bearish
Resistance 1: 1.1365 August 13 low
Resistance 2: 1.1432 supply/demand level
Resistance 3: 1.1483 intraday swing high (August 10)
Resistance 4: 1.1508 June 8 low
Resistance 5: 1.1527 June 28 low
Resistance 6: 1.1571-1.1581 area, August 6 high and August 2 low
Resistance 7: 1.1600-1.1620 area, figure and July 27 low
Resistance 8: 1.1640-1.1649 area, key level and July 12 low
Resistance 9: 1.1672 June 27 high
Support 1: 1.1300 figure
Support 2: 1.2000 figure
Support 3: 1.1178 June 27, 2017 low.
Once the EURUSD gets some stability from the free fall of more than 213 Pips from 1.1550 to 1.1337 then we squeeze some quick relief rally . At this point , Everything seem extremely oversold and i am of the view that even though the MAJOR trend is Bearish we need some pressure release for the bearish trend to continue .
The Dollar is strong and well supported. Due to fears in the emerging markets Argentina , Turkey and the spoiled brat called " ITALY " There is capital flows from EM markets into the US Dollars and that's fueling DXY 0.33% exponential rise.
Look for EURUSD lack of trend strength before entry . AT this point , i am in the waiting mode looking for a better entry
Long-Term Trade: BUY ( Major Large banks still have the view of EURUSD ending the year around 1.2000s and they are usually correct and we retail traders are 90% usually wrong )
Possible Entry points : 1.1250 to 1.1339
Possible Exits points: 1:1640 to 1.1672
Risk: Extremely High -- you are going against the Major strong bearish Trend -- ITALY is still another EURO risk still waiting to happen
Rewards : Great if the markets did overreact due to contagion. WARNING: Otherwise your pants will be on fire
Reference: Recall Greece, Italy , Spain, and now Argentina and Turkey every time the market overreacts and usually decimates the EURO but then it stages a remarkable recovery . Not sure if this time is different . Turkey's issues are more localized apart from 3 banks that are very small and won't really affect the markets in any meaningful way. Argentina is under IMF regulations and program now . Spoiled Brat " ITALY " is still fiddling with its budget
Good Hunting --- AMIGOS!!!!!