EURUSD: Who The Heck Knows What's Next

FX:EURUSD   Euro / U.S. Dollar
I’m not even going to lie to you guys. I have no idea what the next move is on the Euro . As I told my training course clients yesterday, right now I’m in defense mode as I don’t want to give any of this years gains back trying to get cute in these crazy markets. With that being said I have gotten messages here on Tradingview to share my opinion and do some analysis so here it is.

After resistance is broken it turns to support, so I’m looking for price action to retrace to our previous level of structure and potential give us some type of reaction. Normally I would say to expect a trend continuation move here but I do think yesterday’s moves were overblown and a correction is in store, especially for those interested in buying USD’s and this discounted price.

Looking on the hourly chart a harmonic move ( ABCD ) would put us right at a previous level of structure both minor on the hourly and major on the daily. Also, keep in mind we have an important consumer confidence number coming out this morning as well. So will there be a reaction, I don’t know. Where will that reaction take us, I don’t know. Hey I’m just being honest with you. The only think I’ll be looking at is short term trading opportunities once my live room opens. By the way if you want to spend a free week in there with me, you can sign up here. http://tradeempowered.com/fx-live-room/

Maybe I’ll see you throughout the week, maybe I won’t. As mentioned before I’m not in a rush to gamble and try to catch the “hot” move, rather I’m concerned with conserving my capital and not letting a decent year of trading profits get eaten up by greed.

Akil Stokes
Chief Currency Analysis at Trade Empowered
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So much questions at the moment, thought I'd look at it from a distance for clues, not much wiser...:
+2 Reply
Paralysis by Analysis indeed.
+3 Reply
Hi Alki, great analysis as usual.
For what it's worth, I see more drop possible from the USD. IF this is the case, it should give some indication as to what we can expect from the EURUSD and other related markets.
+1 Reply
Akil_Stokes MATASII.com
All opinions are worth it, hopefully today's charts will allow me to have a better idea of what's may occur next
+1 Reply
thanks for the share
+1 Reply
Akil_Stokes starlord369
No problem
Quite agree with you, it is a really really crazy market now. I am now inclined to stay on SHORT USD, maybe through some options, but the vol now is already getting high:(
+1 Reply
I'm with Akil on this. I think the markets are meat grinders for hopefuls at the moment. There are a few who will make a few fast bucks and feel good. I don't think trading is simply about flirting with danger. It is about managing risk. There are times when one has to say something like, "I can't manage this risk in a way that makes for overall profits."

There are always some who will wish to go surfing in a turbulent tsunami - and that's fine for them.

When I see a tsunami - I shamelessly run for the hills. It's not about fear. It's about objectively assessing risk. Lose the ego thing but not your money - is what I say.

Maturity in trading is more about self-restraint - than about adrenaline rushes that come from playing chicken with the markets.
+4 Reply
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