Despite many market players calling for long $EURUSD positions and a recovery to 1.11/1.12, when we look at the hourly chart the recent trend remains downward with lower highs, but higher lows into this consolidation/wedge pattern. A continuation would be to be expected but should arrive soon and re-test the post #FOMC lows to confirm the the Medium Term downward trend. A move into the 1.11 area may signal some further gains so watch for the spikes.
Personally we will continue to sell rallies, what anyone else does is - as always - up to them! :)
Happy hunting!
Personally we will continue to sell rallies, what anyone else does is - as always - up to them! :)
Happy hunting!