As I've mentioned before in the Heavy metal gold post the EurUsd was printing a descending triangle pattern.
The pattern broke down a few days ago but I don't think the EurUsd has topped and starting a bear market.
As soon as the target price from the pattern completed the rally will start again. The target price is at 1.1963.
This target price is the same as the previous low on January 9. which was the back test of the bull flag.
As today we are tagging the 200 EMA I'm starting an 50% long position in my currency portfolio. If we can reach the target price at 1.1916 I will add the next 50%.
Maybe at tomorrow's FED meeting maybe later this week.
Notice how RSI is hitting extremely oversold levels.
The pattern broke down a few days ago but I don't think the EurUsd has topped and starting a bear market.
As soon as the target price from the pattern completed the rally will start again. The target price is at 1.1963.
This target price is the same as the previous low on January 9. which was the back test of the bull flag.
As today we are tagging the 200 EMA I'm starting an 50% long position in my currency portfolio. If we can reach the target price at 1.1916 I will add the next 50%.
Maybe at tomorrow's FED meeting maybe later this week.
Notice how RSI is hitting extremely oversold levels.
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Last 50% entry at 1.1920.
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Panic selling day 8.
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It seems the dollar needed to tag that blue line...
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Day 10 of panic selling today.
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The longest I have seen was 12 days.
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Trend reversal.
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I see zero chance to go through this 3-year-support/resistance after this decline.
The bounce is coming.
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It will be very bullish for gold too.
I'm buying gold at this point.
I'm buying gold at this point.
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And here is the double bottom in the support zone.
Target price from the descending triangle achieved.