eurusd recently made new year low, followed by the spike above that move.
we need to watch for price action.
that spike might be a false move for new buyers to take down. technically it looks like a retest of 1.11500. as long as 1.11500 and 1.11750 stand, eurusd will likely to move down.
yet if the price does consolidation in the area of 1.11300 - 1.11500 we can see a further move up with formed double bottom on a daily timeframe.
until it breaks and stays above 1.11750 my personal preference is shorting this pair.
we need to watch for price action.
that spike might be a false move for new buyers to take down. technically it looks like a retest of 1.11500. as long as 1.11500 and 1.11750 stand, eurusd will likely to move down.
yet if the price does consolidation in the area of 1.11300 - 1.11500 we can see a further move up with formed double bottom on a daily timeframe.
until it breaks and stays above 1.11750 my personal preference is shorting this pair.
Comment:
eurusd got 61.8 level from recent days of downward trend.
yet id did it in gbpusd style )
yet id did it in gbpusd style )
Comment:
at the same time that was exactly 262 fibo level of last spike down.
Comment:
many traders now believe this is a trend change and easy buy setup. just take this information i posted above for consideration.
Comment:
1.12150 stood very well.
i keep my shorts on eurusd.
and will keep short bias until 1.12150 broke and retested from above.
i keep my shorts on eurusd.
and will keep short bias until 1.12150 broke and retested from above.
i will watch for these key levels:
1.12000
1.12150
and on the downside:
1.11500
1.11300
recent moves, patterns and candles tell us the eurusd is aiming north same way it did in late april, yet i would like to see more solid confirmations.
current price action might be a buyers trap as well.
profitable trades for everyone!