EURUSD Return to Structure: "Enough with FOMC" Edition.

FX:EURUSD   Euro / U.S. Dollar
57 0 5
I expect to see EU return to its pre-FOMC consolidation zone in the coming week; a lack of data on both sides of the pair should leave the markets to fluctuate organically and (presumably) return to more stable structure. In this case, the consolidation zone that formed the day before the Fed released its July minutes. Several structural levels have grown out of the original post-FOMC rally, which roughly correlate to the . 618 retracement and its inverse, the . 382 retracement . At the .382 level, a head and shoulders phenomenon is beginning to form; rather than the traditional "swing high - swing higher - swing back down again" format of the head and shoulders pattern, my chart tracks multiple points of resistance that conform to the "resistance - breakout - return to resistance" nature of a head and shoulders pattern. While I would not be surprised to see continued activity between the 618 and 382 levels, I believe price action will ultimately return to last week's structure.
Trade closed: target reached: Yeah, buddy!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out