After a rather expected Macron win in France's presidential elections, we did not really see much movement in price action that were real telling signs of where this would head. A first thing to note is that 2015 lows marked the bottom of the longer term Andrews pitchfork that we have still oscillated around the lower end of. 2015 was rather choppy for this security as it hit the median line of the major pitchfork and immediately fell back to the lower part of the pitchfork where it oscillated near all of 2016. This price action is clarifying that the median line of the more major pitchfork has been major resistance for EU and will continue to be major resistance. We have broken a major sliding resistance that has now become support only a few weeks ago. It seems as though that EU is currently finishing off a bear flag of what seems to be a rather strong two legged bearish correction. I imagine that this flag will end once it hits major resistance convergence with two sliding resistances a parallel in the upwards pitchfork and the median in the more major downwards pitchfork. Support lies near the 1.09 November high followed by the beginning of 2016 high at 1.0862. My current position would be to short the rejection at the major confluent resistance setting a stop a the 1.105 marker which has become an area of interesting price action. No real targets as this is a trade that should be held for a couple days-weeks. German elections will be the next major thing to warrant concerns in the future for EUR so be on the watch.
Trade with Care and please don't hesitate to critique or ask questions!
Thank you for the Support!
Trade with Care and please don't hesitate to critique or ask questions!
Thank you for the Support!