Following over 200pips in our direction since my last speculation on this pair (see link below for reference purposes); the EURUSD continue to ground lower on the back of a firm US Dollar. Now, what is going to be happening this week? Will participants in the market find the Euro cheap enough to buy from the $1.0000 zone or are we going to witness a further decline in price action?
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Perspective on the 15-minute: Gosh! I just missed this breakdown move. Let's see if the market will present another opportunity in the form of a retest of 1.00250Level.
Good morning
Trade closed: target reached
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I am still looking for selling opportunities
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Another selling opportunity is identified right below the $0.99500 which is right at the breakdown/retest of the descending channel identified on the higher time frame (detailed in my next comment).
Good morning
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Trade closed: stop reached
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I was stopped out; looking for another selling opportunity
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Price is right at the $1.0000 level and I want to see how the price will relate to this zone. Is there going to be a reversal pattern (respecting the resistance level of the descending channel) to send the price crashing or will there be an outright breakout to project a bullish signal?
Good morning
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Below $1.0000 seems most appropriate to sell the Euro
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Locking in position at entry here considering the Jackson Hole Symposium coming up in half an hour
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update
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Price is still within the descending channel which still supports the bearish bias however if a breakout/retest of the resistance of the ascending channel we might be witnessing a momentum shift.
Good morning
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Selling opportunity below $1.0000
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I want to be moving my stop loss to break even to protect my position against sudden reversals.