EURUSD has been under water for a minute, but, a this point, we might want to go back up a little bit, The window is short as I think we're expecting more downward movements in the upcoming months, but for now, we might be able to get a nugget from a temporary retracement.
I have been waiting for EU to get into the 1.05 level for a while and there it is, so, I'm going to enter a long, short term, contertrend short term trade/with the longer term uptrend trade
These times are tricky when it comes to trading because, we're in a mist of a global reversal, with USD getting more strenght, and, looking at economic datas, I think Dollar is going to be stronger until the Fed pivot later on this year so anyhow, this trade fills my trading plan, so, let's get in!
Why? 1) EU is in an uptrend, untill it officially breaks the ascending trendline 2) It's taping a strong support, 3) Dollar is overbought, as it's been on a push up for about a month 4) Engulfing Daily candle, at a level, at a trendline, in an uptrend, is a buy signal 5) Oscillator made a golden cross, under the 20 level, a buy signal, especially if at level 6) We might get shaked out, ideal situation would have been to see the price get liquidity at 1.05 and under, so, we might have to reenter later on, all good
Hope you've found some valuable informations guys!
@JoeChampion, It is, not sure what's happening right now though, news came in worse than expected, but Dollar going up? wtf.. markets are so irrationals, what's your thougs?