Snehath
Short

FOMC brings out the USD bears - An analysis on EURUSD

FX:EURUSD   Euro Fx/U.S. Dollar
2 months ago
This week we had the BOJ announcement and the FOMC . Based on the reaction, it seems like the USD rate hike has been pushed back to December which lead to investors dumping there USD. The chart shows a clear bullish trend in the EURUSD             pair.

However the bullish steam can last only for so long and it is approaching the very strong resistance of 1.1270 with a shark pattern. I will look for reaction to short this market in line with the daily channel that is in place.
2 months ago
Comment: The Shark Pattern is complete. I am waiting for the high to get tested again with a rejection bar for a short confirmation.
2 months ago
Trade closed: target reached: The pair fell 65 pips to 1.12 which is a strong support. Trade should be closed here. I have turned long due to a smaller bat and will continue to hold until it challenges the high again.
MindTrader
2 months ago
EURUSD
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