The last day of trading last week saw EU tank around 70 pips to the downside, before rejecting at the key level (and our entry for our long 2 weeks ago) of 1.1225. Something that I want to make clear: as a technical analysts, you're literally trying to predict the future of a trillion dollar market. Step 1 in becoming a humble technical analyst with hundreds of correctly predicted analysis under your belt, is to accept you were wrong and be fluid to change. Last week we were looking to take EU short to new major term lows, however price has since taken the fall well below our desired entry.
Moving forward, we take this price action, change our game plan, and let the market work for us. EU drove 3 times up through the key level of 1.3267. This is a great confirmation for a new shorter-term ceiling.
The game plan is to continue taking EU short this week. We should see a shorter range in between 1.125 and 1.1225 between now and Monday. 1.125 is a very strong institutional level & 1.1225 is aswell. Mark these on your charts!
This will be posted as a signal later this evening.
TP: 1.11833 (+41 pips)
TP2: 1.05 (+175 pips)
SL: 1.2562 (-31 pips)