With all the news and risk events that took place yesterday - a worse than expected CPI and retail sales, followed by a hawkish Yellen - some traders might have experienced some losses due to the 180 degrees change in sentiment; while some may have been left confused on the outlook of the US Dollar.
We shared this before all the news two days ago, and nothing changes, the analysis is still valid.
As for EURUSD, we believe that a fall in imminent. I'm not saying that it will fall immediately, nor that it is 100% guaranteed that it will fall. We are simply forecasting that there is a high probability that we will see a fall in EURUSD soon. Here's the rationale -
1) A RSI divergence is forming 2) Price action is inching up slowing, showing lack of momentum 3) Price has hit the minimum target for a wave 3 structure 4) Price seems to be forming a diagonal structure (wedge pattern)
Again, just my 2 cents perspective on the market. Always remember to trade according to your own plan and manage your risk.
how about we just forget about all this.
Every single EURO pairs are due to fill in missing GAPS from previous week ALONE, check your EURO pairs and you will see
KarYong
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@banffstocker, the challenge in just trading the 'gaps being filled' is how to time the entry. sometimes gaps can be filled within the same day or week, sometimes it takes a little while longer before the gap is eventually filled.
Every single EURO pairs are due to fill in missing GAPS from previous week ALONE, check your EURO pairs and you will see