rodrigosmarts
Short

EUR Wedge Formation

FX:EURUSD   Euro Fx/U.S. Dollar
622 8 0
EURUSD             has formed an wedge on the intraday charts and, as we approach the end of the week before a very sharp rising movment, I'm looking forward to sell the Euro             , catching the Elliot's correction movement.

To trigger my trade today, I'd expect it to break under the wedge border and the daily pivot, on 1.2883, to sell it. My primary target would be the 1.2800 area where lies this minor chanel border and the broken resistance border of the H4 channel (dashed blue) and further 1.2740 where lies the most important fundamental suport.

If it breaks through the 1.2740 we could see the EUR falling towards the lower H4 channel borders.

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Razvan
4 years ago
Do you think it will get that low, before the FED speaking today? or rather after that? Because a QE3 decision might send euro to 1.3 or higher.
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rodrigosmarts Razvan
4 years ago
I do belive EUR can reach for 30's if FED decides for QE3, but most of the movement is already precified. Only if FED doesn't go for it, or postpone it we'll get this correction.
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Razvan rodrigosmarts
4 years ago
This way is plausible....
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rodrigosmarts Razvan
4 years ago
Yeah. If you double check, it's a sell stop order. Price would never trigger without such decision.
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5Loaves2Fishes rodrigosmarts
4 years ago
Agreed. Eur can definately reach 1.3 today.
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