I had a request to run an analysis on EURUSD - top down shows we had a break and close above resistance on the - this may have been a false break out from the Mad Monday.
We could look at it as a Rotation - we are still in this consolidation period and here is some patterns for a long opportunity if we get to this level.
I think with todays FOMC that anything could happen I believe that we will see 1.14000 with the news.
The most important thing is to make sure you dont get slipped on the news If we came down to get for those who missed the yesterday and have taken target 2
We would hope the price drops to these levels then climbed at least 100 pips so you were protected by a stop loss when the news events released.
In saying this I will be sitting on my hands and not taking trades until at least 15 minutes after the news.
Any trades that I am in I will be protecting my self with 50 pip stop loss above my entry so I at least break even or bank extra profits.
Depending on which way the news pushes first keep your eye open for this opportunity - who knows the initial news release could even be the one that pushes down to our entry on these patterns and then spikes up to 1.14000
Still many hours to go I will run another analysis half an hour before news release.
For those who dont know - I prefer the over the in this trade
Minimum Stops are Red Lines
Green Lines are Entry
Blue Lines are BAT TARGETS 1 and 2 - 38.2% and 61.8% Retrace
Orange Lines are TARGETS 1 and 2 - 38.2% and 61.8% Retrace
Happy Trading guys and all the best