For the last week, I've been anticipating a drop in EU, and now, it finally looks like the bulls are starting to lose strength. The resistance zone has been retested multiple times since yesterday and failed to break above. I am expecting one more push down completing the H&S before the next wave up.
As of now, the price hasn't even started to break any important levels and that is why this idea is for preparation in case it does. Another spike up in the equity markets could push DXY down triggering EU to break above the resistance zone.
Support for this idea:
Minor order block looks like it might break any moment. (Bigger order block structure has to break below 1.195)
Break of minor trendline support
LTF trendline support is not far below
Looking for the H&S structure to complete before the next wave up
Start to look for price action to push EU down and look for safer entries or scaling in, with a break below the bigger order block and LTF bullish structure around 1.95 & retest around 1.96. Just a note, I already entered this trade with a high-risk entry at 1.199. If it breaks below 1.95, I will be looking for scaling in entries.
Invalidation for this idea would be a break above 1.2.
Same thoughts here, I just missed my 1.990 entry point to short... so far 1.975~70 line is holding meaning bulls are not done yet. Maybe people are waiting on the Ukrainian situation and ... Spring Awakening there and we will have 1000 points short potential....
FXHEET
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@Jim30372, Yeah, who knows. I do still have confidence that this will play out, just not confident it will play out today. If I don't see any impulse down in the next hour, I'll close my trades and look for an entry next week.