EURUSD will be a strong bearish pair over the course of the next month. On a fundamental level the U.S Dollar will be gaining strength due to the wars they are involved in. The U.S economy thrives in conflict because it is well known that the "Safest" investment is in buying U.S Treasury Bonds. This is because the United States although shaky, holds the Worlds reserve currency. So in times of conflict or economic recession many people choose to convert their fiat assets into Dollars, this is called "Flight Capital". On a technical aspect EU will most likely make 1 more pullback on the daily until it reaches the previous 61.8 rejection on the D1 timeframe.
From there, it will be near impossible to stop the Dollars strength and the drop will begin. The first take profit level would be at our previous bullish resistance (@1.20850, 200 pips) . That zone of resistance has now become a support zone after the break out. Pullbacks will most likely occur there before price continues down (@1.18085, 400 pips total). Remember that the keys to trading are patience and strategic entries. Please study the markup and do your own due diligence before entering the market!
From there, it will be near impossible to stop the Dollars strength and the drop will begin. The first take profit level would be at our previous bullish resistance (@1.20850, 200 pips) . That zone of resistance has now become a support zone after the break out. Pullbacks will most likely occur there before price continues down (@1.18085, 400 pips total). Remember that the keys to trading are patience and strategic entries. Please study the markup and do your own due diligence before entering the market!
Comment:
1,000 pips to date on this EU short, enjoy the profits.