EURUSD: Reject key trendline . What next ?

FX:EURUSD   Euro Fx/U.S. Dollar
501 0 3
Like I said in this topic:
EURUSD: Long term bearish trendline : Does E/U break it ?

I watch the long term bearish trendline carefully ( purple line I draw on the chart). If E/U rejects this trend line , the downtrend will come back despite EZ strong data.

And now I see indeed E/U rejected this trend line .

E/U bounced back from 1. 1400             level.

Look at on the RSI indicator, RSI retest 60 many times, it means it cann't break above 60 --> signal for pullback from 60.

If RSI falls down -->E/U falls down as a result.

One more thing , Look at on the chart.

Ichimoku cloud + SMA500 + SMA100+ EMA50 converge at 1.1050; this proves this is a strong support.
Next strong support at 1.08 I draw on the chart.

This is two targets I watch.

- Back to Fundamental.

Next week, there is no major EZ data, but we have a risk event on Wednesday with FED Meeting where market expects FED Chairwomen Yellen will use this event to prepare for the first rate hike.

I think from now to that event, market will SELL EUR agressively and BUY Dollar ahead the event.

Strong US data + hawkish comment from FED support strongly on Dollar bull .

So what I will do now ?.

I will OPEN A SHORT POSITION OF EURUSD             AT 1.1230 , STOP LOSS AT 1. 1400             , TAKE PROFIT AT 1.1050 AND 1.08

Any contact: LH admin: admin@trackingforexsignals.com
Support: support@trackingforexsignals.com

Website: http://www.trackingforexsignals.com
FB             page: https://www.facebook.com/sforexsingals

Best Regard!

- -TrackingForexSignals.com--

Do the Right thing- Think the right way.
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out