I am heavily short on the EU for two reasons, first the rejection of 150 EMA
and this wedge
channel. My target also aligns with the Fibonacci retracement
. Furthermore, I believe the dollar had a nice pullback and this is a great opportunity to ride the wave up before the myesterious FED rate hike decision next month. In my opinion, dollar will regain its strength in the upcoming weeks because people still believe in the rate hike next month even after the dovish FOMC statement. Yes, the FED was dovish but we need to note that they never said the rate hike is off the table!
Good luck, traders. Cheers!