The original signal was placed on January 1, 2021. For those of you who took the trade, you are now up 276 pips. There are still strong indications that the downward trend will continue to at least 1.1, which is where I am setting my take-profit. The monthly chart speaks for itself, but the identified patterns are very consistent. For at least the short term, EUR/USD will see a decline, then a sharp snap to the upside as the spending policies of the US government begin to take their toll on the economic and fiscal policy of the government. At least for now, it is not unreasonable to project a decline to 1.1 for EUR/USD. Happy trading.
Trade active
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You are now up over 500+ pips since January. Congratulations. Keep going. Look for highs, and then strategically enter a short position. I will be exiting around 1.1120
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I hope that you all took my advice and exited the trade by now. I stated that I would be out around 1.1120, and this target area was reached. There is a case for 1.1000, and even 1.0000, but beware because the dollar is getting very weak with unprecedented government spending and things could be very choppy at those levels. I will be looking for the bears to be shaken out and then a long position to 1.1700 possibly 1.1600 depending on the time it takes to reach these levels and trending monthly resistance. Cheers!
If you were to enter now! where is the golden spot to wait for?
Trader_Happy777
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@abkfx, I can tell you what I will be doing on my TD Ameritrade account. I look for weakness in uptrends off of the 4 hr, 8hr, and Daily. After a strong uptrend, I will add to the position in order to take advantage of the following decline. Because my outlook sees a temporary decline to 1.11 or 1.1, I will look to add only during a downtrend in order to follow the major monthly trend. Taking trades on uptrends is risky right now. Because these are uncertain and chaotic times, things can change rapidly; but one thing cannot change...you can't print Trillions of Dollars and not have a decline in the value of the currency. The Dollar is still a good investment but will show weakness in the short term...per my analysis. I encourage everyone to do their own analysis.