Trader3000
Short

EURUSD is Still in a Huge Sell Programm

FX:EURUSD   Euro / U.S. Dollar
During the long term consolidation phase I was wondering what the market will do next. It was clear and simple that it will target the 1.6000 level. And then? Maybe a retracement?

My idea is shown on the daily chart so everything should be clear in front of your eyes:

1. In the orange shadowed box there where the buy stop orders.
2. The gap confirmed the running for these buy stops. It had to be a fast upmove and suprised most traders reaching the level of 1.0900 so quickly.
3. The grey box shows the consolidation phase which took 5 days in a very small range of about 50-70 pips. Only for accumulating orders from willing buyers to slaughter them.

Also you can see that the last bearish candles have a big range. And this confirms that the market is running southwards. Faster then Usain Bolt!

My guess is that the 2. Take Profit Area should be reached in the end of June.

I hope that I have explained my idea in a manner so everybody can understand it.
If you have any questions please feel free to ask.

Any comments or likes are very welcome.
Good luck to you and I wish you a lot of pips!
What about the dollar index? Don't you think that it's going to go lower?
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Trader3000 Abel223
@Abel223, Thank you for your comment. The currency pair eurusd is the perfect mirror of the dollar index. So to answer your question: In my opinion the dxy must also create a new high as the eurusd will create a new low. Sometimes this is not the case. And then the market is highly dangerous because there are divergences that influences the major pairs. I would go to deep into complicated details explaining that now. It is good to know that the eurusd mirrors the dxy. So if the dollar is rising, the eurusd is falling and the other way around. I wish you good luck and a lot of pips!
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