As we all know, the Dollar has been weak due to upcoming rate cut. Such a shift in interest rate level will need some digesting by market. We should be nearing completion of the adjustment process very soon.
Euro has nothing positive going for it, just rising on USD weakness. EU interest rates will remain negative for the foreseeable future. Some economic reports have been "less disappointing" is about all.
Thus I seek shorts, scalps that may be held. Plotted are 3 resistance zones of interest. Looking for a reversal pattern at any zone.
1.14111 - 1.14140 is immediate resistance. 1.14506 - 1.14519 is likely end of wave. 1.14750 - 1.14793 for extended wave end.
1.13423 - 1.13475 is first solid support. 1.12875 - 1.12833 will be hard to break. 1.12515 - 1.12589 would be a rare gift.
See some of my other Forex calls below. I also plot Crypto and some Stocks, check my Profile Page.
(scalp that ran hard) (perfect entry, huge profits) (warning just in time) (perfect top, still in play) (just in time, quick 70 pips) (caught most of the spike) (Perfect entry, still in play) (Upthrust warning just in time) (Fib extensions at work) (recent perfect entries) (recent perfect entries) (the very tippy-top a year ago) (almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
Comment
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Prettly clean rejection from first resistance That may not have been the top, but indicates we are getting close. If not this one then the next one likely. This reaction adds confidence to the other zones on plot.